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| CONTRACT HIRE, LEASING, FINANCE. 
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SERVING THE MOTOR INDUSTRY 


WU.FIELD HOUSE. HYLTON ROAD. 
SUNDERLAND. Til (078JI «I22. T«fc* 57?3£E 


No. 28,8a 


Vv 


i B ^ ^^ LiSHEP IN LONDON AND FRANKFURT 

^L^JSaturday August 21 1982 


***30p 




IGMlTlgH^JG^ING 

"ip 




CONTINENTAL SELLING PRICES: AUSTRIA 'Sch, IS; BELGIUM Fr35; DENMAfl* 


GERMANY DM2.0; ITALY L 1.100; NETHERLANDS (iZJSt NORWAY JCr 6.00;. PORTUGAL Esc 60; SPAIN Pta85; SWEDEN Kr 6.00; SW1TZBILANO FrZO; EIRE 



A place 


INtEf^TiOMm: 




rwinter 

sun 

P-7 




7 '>• 

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$3sm 


p " #- \ 

Golfiana at Oerseagfes. 






SIMM AIO 


SENERAL 


BUSINESS 


Reagan 
alliance 
6 a unique 
coalition’ 


Gold up 
$11.25 
in NY; 

$ falls 


Western banks grant Mexico London gilts 
three-month debt moratorium ®“ d we< * 0,1 

BY ALAN FRIEDMAN IN NEW YORK AjIJl J. iltr 


WESTERN 


COMMERCIAL rollover agreement Mexico had last six months. 


banks agreed yesterday to a asked creditor banks for a sup- For example, a payment which European, Japanese and v “ 1 ' «™u raw 

Mexican government request plementary financial package of fails due 89 days from now Mexican banks, would co- 
lor a moratorium of at least between 5500m and $lbn “in would be roU-over 90 days from ordinate the new ?500m to THE LONDON gilt-edged 
three months on principal re- order to cope with our liquidity that payment date, suggesting $lbn bank credit. market surged 3head yesterday 

payments falling due out of its problem in the coming months.” some principal payments could c r cji va Herzo^ said Mexico’s P u *W n 8 the FT Government 

public-sector foreign debt. This. He also said Mexico had acti- be deferred up to 179 days. foreign exehanee° reserves were SecuriIies indcx 1 - 25 higher to 
will relieve the immediate cash vated its $700m currencry-swop .An essential part of Mexico’s -at “a law level” but that at 78.13— a rise of more 

crisis while longer-term reme- bond with the U.S. Federal Re- overall package is its request for onc e we come out of our than 5 per cent on the week, 

dies are sought. *** up to $4.5bn from the Inter- liquidity problem we can look T “ 


committee. 


comprising 

Japanese 


BY OUR FORUGN AND FINANCIAL STAFF 


JLM-JUBXJ dies are sought. 

Central banks from leading 

U.S. Democratic Party leaders 9 GOLD closed in London at industrial countries had insisted 
yesterday proclaimed the forma- 538-L25, np $27.25. In New York, that help from commercial 


THE LONDON gilt-edged 
market surged 3 head yesterday 
pushing the FT Government 


LONDON 

GOLD 

PRICE 


„ In . the next three months national Monetary Fund over optimism and confidence to the L A* 

Mexico will pay all interest on the next three years. future ” Atlantic U.S. interest rates fell 

its public-sector foreign debt. Mexico plans to complete its _ * , . . ... .. again sharply raising hopes of 


after the narrow approval by ago. Page 17 
Congress on Thursday night of — . I governments 

a Bill to increase taxes by • rose v l -° 1 institutions. 

$9S.3lm (£5S.5bn) daring the JLi«, 3.8c up on last Fn- 

next three years. daj’s^ciose^ However, »t easwl 


package being l mounled by bSS^mt credit loans from fts credftor banks ii mid- would be necessary for Mexico Jumped by $27.25 to S3S4.25 
governments and international multi-lateral development insti- September, to examine its JJJ™,' "EJfTJi 5*?, °F yesterday, its biggest 
mstitutions. ' tutuwis, such as the World Bank longer-term needs. The IMF m f. n { Principal, possibly to daily increase for nearly iwo 

The package includes more and the Inter-American Develop- nyiy provide about $200 m in . yews. The price of W»W » >t 


years. The price of gold is at 


Representative Richard FFr 11.925 (FFr 11.975) and 
Bolling, one of the most senior Y444 (Y444.5). Trade weighted 
Democrats, said the alliance index was 91 . 5 (91.3). Page 19 
which President Konaid Reagan 

had assembled to pass the Bill • DOLLAR fell to DM 2.453 


day’s ^.However it e^f th^^bToT^edStsbeing neg^ mentBank. and t^de-related Sober. Eo£wtEEL*& ** Its highest since February'; the 

to DM L2i*5 (DM A28), tinted .with the international loans. money would be used to repay statements by government $4o , jo increase this week 

j 1,975 ? ® D j Monetary Fund. $2bn in credits ■ The agreement in principle part of Mexico's $ currency-swop 9?® 1 Mexico City this week reflects nervousness in the 


DOLLAR J 

AGAINST | 

3- STERLING 

. 'IN ic;cc«i \ 

tl 1 : 1 ! : — 1 : 1 I 

*9 10 11 12 13 lb 17 la 19 20 

AUGUST 1982 


e( F » T 11.975) and Monetary Fund $2bn in credits .The agreement in principle part of Mexico's i currency-swop officials m Mexico City 1J1 is week reflects nervousness in the 

qiA To? « ’SS* 19 from the U.S. and the central calls for banks to rollover line with the U.S. Federal repayment bank dollar certificates nf 

index was 91.5 (91.3). Page 19 bank crediL it became neces- (defer) for 90 days payment of Reserve. JS™? [JUS ? n ^,1 heaUh of some banks, as d posjf Over the last week U.S. 

... „n ,uhi«h f.iic in c. cii»« u„y-,r.rr cniA- “ of principal tor up to one year. well as lower interest rates 1 


had assembled to pass the BUI • DOLLAR fell to DM 2.453 sary after Mexico last week ran all principal which falls due in Sr Silva Herzog said: “We °y™ > l f al ^^ 0,, * / yea | J e whichmakeTlcheaDerfo hoS TreJiil1 ^ m rales havc fal1 ^ 

was unlike any he had seen from DM 4.4825 on Thursday out of funds needed to service tfie next three months. Mexico received a consensus from de b^hedK^ka« in- the cal I?-etSus metal by 21 percentage points while 

since the vote on the Marshall and DM 2.5075 a week ago, and its SBObn public-sector foreign hopes to begin making some banks about the 9CWay rollover S'. S 2S»«lhT ^»nrinu3 to CD yields have fallen about a 


Plan after the Second World to Y254.75 (Y258 and Y262). debt 


principal repayments 91 days . and we got a positive reaction eluding the new bank credit, prices generally continued to point le^ 


War. Back Page Trade weighted index was 120.2 

(121.2). Page 19 

HijHCkGF shot 4 GILTS soared, with longer 

Police shot dead a Sikh who dates adding 3 J points. Govern- 
hijaeked an Indian Airlines air- meot Securities Index Jumped 
craft at Amritsar airport, 1-25 to 78.13. a 3.88 gain on the 
northern India AH 69 passen- week and a fomsand-a-half year 
gers and crew were released Pa § e 20 

safely. ■, 


Sr Jesus Silva Herzog, Mex- from now but for some of its for the additional provision of 
ico’s Finance Minister, said yes- public - sector debt the bank finance.’’ 

terday that in addition to the moratorium of principal could He said a 14-bank steering- 


Gontinued on Back Page 
Petrol bond trading halted in 
Mexico, Page 17 


PLO returns Israeli prisoners 


Paris dawn raid 

Twelve members of French 
extremist group Action Directe, 
banned earlier this week, were 
arrested in a dawn raid in Paris, 
but later released. 

Award boycott 

Frankfurt city councU’s Social 
Democrats are to boycott the 
presentation of the German 
award the Goethe Prize to Ernst 
Juenger. S7, controversial right- 
wing author. 

Liberal candidate 

Tile Liberals have chosen 
Stephen Ridley as their candi- 


. 30-SHARE . 
fiUDEX 


BY PATRICK COCKBURN . 

THE final obstacle to the plan Southern Lebanon in 1978. 
for evacuating Palestinian The prisoners, a pilot h 


a Thr. FT "n „„ The U.S. banks' decision to 

rlehlma!! «<*»<* thp they charge 
rnsp llieir best corporrUe customers 

FT 1 tame as Woil StrPet and tfte 

FT-Auuanes ^1-share index credir markets continued their 

"jaoj’ 1 Pef Cem 10 2 reL0Td rallies amid falling short-term 

• m. ISJ3 

fnii Uiv u 3SC ?!,**■ *?? e Reserve Board might further 

following 1 he shaiT) fall in the re£ juce the discount rate, 
average rate of discount at the The latest reduction in the 


soldiers between them, its policy 

Israel has made it clear that 10 weeks. 


average rate of discount at the The latest reduction in the 
weekly Treasury bill tender. V rime rate means lhat tlie key 
n , iw , lirinn th(k fftTlnwinrt The rate fell by more than half lendinfc/ rate has ;a „ en b y three 
10 durmg 1)16 foUovun ~ a point 10 9.9>^4 per cent which f U n percentage points in less 

10 weeks. under the old rules is consist- lba n five weeks. 

General Ariel Sharon, the ent with another half pereen- £ Ven before the Chase an- 


for evacuating Palestinian The prisoners, a pilot held Israel has made u clear that 10 weeics. under the old rules is consist- .^an five weeks, 

figsters from West Beirut was by the PLO from the first days if the pull out is halted by the General Ariel Sharon, the eni. with another half pereen- Even before the Chase an- 

removed yesterday when two Q f the Israeli invasion in June, PL? the multi-national super- Defence Minister, was tage point cut in UK base rates nounceraent, slocks on Wall 

prisoners held by the Pales- and a soldier captured this visional forces will have -lo with- quo tec! yesterday in the daily to 10i per cent. Street had been pushing ahead, 

tinian Liberation Organisation week, were handed over by the draw. Israel will then feel free Yediotb Ahronoth as saying • In JNew York the Chase By lunchtime the Dow Jones 

and the bodies of nine Israeli PLO to the Red Cross in West to exercise its military options t i u ^ j^e PLO had suffered an Manhattan Bank cuts its prime industrial Average hud gained 

soldiers killed in Lebanon were Beirut yesterday. They were to take West Beirut by force. “ unparalleled defeat." He said rate by half a percentage point i 6 .g points. lifting the index to 

returned to Israel. then turned over to the Israeli Israelis have long been fearful be did not accept the word to 134 per cent, the second 355. The markets had been 

Withdrawal of some 13.000 army together with the nine that the _ supervisory troops >• evacuation ” for the PLO pull- reduction in a week, as U.S. bolstered by a further decline 

members of PLO. Syrian and bodies. ’ -dL?!!* ouL *‘ I have always used the interest rates tumbled. Chase's in lhe Fed funds rate during 

Palestinian military units under The prisoners arrived at a , 0 jli , 11 0,6 ^ 13 word expulsion." he said. move was followed by .Chemical early trading and the passage 


.17 is 
august m 


Syrian command will take about military airport near Tel Aviv 10 withdraw, 
two weeics under the complex yesterday evening. They said The governments of all three 
scheme negotiated by Mr Philip they had been well treated. countries contributing troops to 

Habib, the U.S. special envoy. Their return allows for f° r c6 have promised to with- 
_ T+»e first Palestinians to leave m PLO .. «. ^...STu % 


tion will be seen internationally 


0 SJ xhe prime rare cuts the market 


the force have promised to with- a political vietor> . for lh ’ e per cent and U.S. Treasury ibiU rose a further two points to 
draw their soldiers if the PaIest ii a n organisation. World v^ids dropped i; percentage S57.02 liy early afternoon. 

pvanuitinn Ic hnltprt ffir anv *«*«•!■•**»«*» . . nAintc hv nnil.'iFtnrnnnii in ihmit 


the e SKT-Saw “re ;ri" t heamvai i W Beire, '*? JS rSSGo » 7ff"fLoTpifi5 “ ab ° Ut 


stitauiim asf--*;, a-* « Smm ir«n tSs; from is*s? l Mg r Js 

field by-election. No date has 30-bhare index added 10.9 to c d ^ tQ j ort j a n. fifth of the total French con- itPm 

yet been set. Page 15 580.6, a 35.7 advance on the accept ed the evacua- tingent in the multi-national leave some of its men behind. 


Argentine guns 


week. Page 20 


Israel accepted the evacua- tingent in the multi-national 
tion plan on condition that the force requested by the Lebanese 


WALL STREET was 20.26 two prisoners and the bodies Government. They will super- 


ason. The Israelis say they . ", “ * f r , 7 per cent. 

Si sgnifiranSfolomngthespeeeh ® Amid the upsurge i„ U S. 
ave some of its men behind. by Ronald Reafian of financial markets there are signs 

The Israeli Government is the U.S. He emphasised y ester- ? fa 10 A uaJ *jy °y some 


Argentine *uns found _ hJdde, Tp «,««. pear «.e d*. -«•* "&•* l!.Y *t *5. *** ? “LBS “ ISSiJVSffi 


in air ducts on the Task Force Page 16 
shfp Europic Ferry during a 


Oiliu UUIUFH A VII » i nr |Z w . , . ■ • 

refit at Bristol are* believed to « BL METRO and Mini produc- during Israels invasion of supplying 

have been put there as tion will be suspended for three — _ 

souvenirs by British troops. weeks from the middle of next 

, month. Back Page nPl L. A '"b A( 


turned. Some of the soldiers out. American and Italian as a major victoiy for itself, 
were killed this year and some troops are to arrive later, justifying the original invasion 
durine Israel's * invasion of supplying a further 14200 of Lebanon in early June and 


Continued on Back Page 
FLO looks lo new phase of 
career. Page 2 

Pym seeks long-term solution. 
Page 2 


souvenirs by British troops. weeks from the middle of next 

Sheene out non * Ba k P 6e Threat fO 1 f 

Motorcyclist Barry Sheene left • JAPAN’S polrftend private X 11A Lttl tU 

h fteniijji >n -> wbppirhair his sectors must become more 

lc« held tolethi with metal efficient said the country's by IAN RODGER and RAY MANGHAN 


Threat to 3,000 steel jobs 


investors concerned about the 
impact o fthe problems of some 
borrowers on certain banks’ loan 
portfolios. A sy rapt on of the 
fears has been Ike rush into U.S. 
Treasury bills at the expense of 


•: - •**■**■ 
ip* 


Continued on Back Page 
Editorial comment. Page 12 
Why the tide finally turned, 
Page 12 

Week in the world markets. 
Page 4 

Strong wind for Angus! , 
Pace 4 

Money markets. Page 19 
Lex. Back Page 


plates and 27 screws, deter- jconomic agency, 

mined to race again. rage “ 

Bi-rt*. -- +Ua hrtv • SOVIET UNION is consider- t , . , . 

on TrlG DOX ing building a seventh major gas plans announced yesterday. by British Steel and JFB. cent of the enlarged ordinary 

Train robber Ronald Biggs has pipeline from western Siberia. The British Steel Corporation JFB is contributing its Biver share capital. ,. 

made an Australian commercial Page 2 said it will close its Clyde- Don Stampings suhsidia^r and D ^°“ a ffirector 

for Brazilian coffee in which he ‘ .. bridge plate mill, making 575 its three cast roll subsidiaries of JFB and chairman designate 

says: " When you are on the • MANX Government, said ° le p reduDdant . lVhile in as well as ns forging busmess. of the new company, warned 
run like I am vou really there would be no inquiry, at cKnffield British Steel and For its part. Bnush Steel will that substantial rationalisation 

appreciate a good/ satisfying present into the collapse of the jJtaJon & Firth Brown will inject pm in rash and wili costs would lead to a significant . 


Economic Planning Agency, yp ^ djm iob$ could tfisapear Forgemaster Holdings— will he able preference shares at £1 

**** in the British steel industry, credited. It will have assets of each. On full conversjon, 

« SOVIET UNION is consider- under a series of rationalisation £102m. and will be owoed 50-50 these will be entitled to 25 per 

in? huildine a seventh malar eas nianc snnnumed vesterdav. by British Steel aDd JFB. cent of the enlarged ordinary 




ing building a seventh major gas p i a ns announced yesterday, 
pipeline from western Siberia. The British Steel Corporation 




cup of coffee.’* 

Light fingered 

A man was jailed for two months 
and another fined £100 for steal- 


ings and b«»«Bnk ie^ethTir forging interests 
Pa - g f d’ of Man kardnng 3n estimated loss of 1.100 
ensis. Page 13 j ol)s ^ he 390 jobs will go 

• NHS administrators have at, JFB’s Scottish forging 
been told to provoke full-scale subsidiary, which will caose. 


merge their forging interests subscribe for another £10m in loss in the first year of 

with an estimated loss of 1,100 new convertible preference operation. 

JSS The SS 5>bs will go shares. A further £10m of pre- The transfer of £20m of 

Jt b JFB’s Scottish 0 forging ference shares wiU be placed borrowings to Forgemaster 
iihsidSrv whSfwfll dose in the Cit ^’- v Would cut JFB's overall debt 1 

rwm he The two sides said the meiger from the present level of 83 per , 


ana anotner noea xiw -tor ste<u- w™ — ; — . ,. w , eA« i,a 1 a/uw j rum we pi wi ao per 

ing lightbulbs and dropping walk-outs by taking a tougher A further jobs could e wU1 crMte - a formidable UK cent of assets, or £57m. to 54 
them from 400f£ up Blackpool line in the health pay' dilute. iost under a reused ran on a ^a 5pecialjst ■ steeI company with per cent Debt would rise 
Tower. said a senior union officiaL tlo a_ scheme 10 r the ge nera^ ^ capability of competing to more than $0 per cent next 




• t v «?W 


• , ** **.*>**. 
a -Mm 


Page 3 


«'rr,Tlatpd Tiie capability of competing to more than $0 per cent next 

ect0 ’ <ureuJat profitably with other inter- year. Dr Hardwick estimated, as 

Briefly- ... a HARLAND and Wolff. Belfast ^British" Steel blamed its plate f^gemastsrs and of ' 

Two gunmen stole 10 bags shipyard, is considering propo- m ai closure largely on a decline Io Vfr is transferring assets of Meanwhile Lwart Brothers I 

believed full of jewels and sals to sav^ £U» a y ^ e t ^’^g^o in demand from the, shipb^lld- f61m aQd £20m of its debts to sai£ yesterday it was circulating 

bonds from the Barcelona- would cort.Lg» ^-5? ^52° »ng industry. The eiydAndge company. British- Steel revised proposals to reduci 

Madrid train. workers their jobs. BackPage nnl'Iat Cambuslang was the ^ be putting ils capacSty in the genera! steel 


O HARLAND and Wolff. Belfast British Steel blamed its plate „ 

» i.nne!>tannir nmnft. I m .. , 4nr.l*na IlUUlurJrB, 




JFB is transferring assets of 


Madrid train. 

Polish ferry capsized at the port 

of Yst ad,. Sweden. 


workers their jobs. Back Page 


• SKF Swedish roller bearing smollest of tiie corporation s worth £24m. Government assist- casting" sector. 

• r ™ Z four Plate mills. under Spctl'on So! the 1972 -Most UK foi 


and engineering group, pre-tax 


Philippine Communist Party profits fell 21 per cent to director of BSC p i a { es> sa id it m * y 

leader escaped custody when let SKr ^I4m l£3b.lm) in the first was on ] y m jH that conld be f V£p cn“m D anvis cxp< 


out to visit the dentist. nau. rage i t shut without affecting sales. opJ^Vonaf "'^ " mid-October' failed because F. H. Lloyd, the 

Three members of the British 9 BERWCK TEffPO, toymaker. The closure would save £6m a being given Et'C approval, largest company in the sector, 
Antarctic Survey are missing. s3 jj would show a “sub- year, but would still not make Lazard ’ Brothers, the refused to participate. 

Ann Taylor, 35. -Labour HP for star.tial loss " in its half-year the plates division profitable. nie(vhant bank and Rowe and T he scheme is based on the 
Bolton West, gave birth to an results, due to be announced he oaaca Pitman, stockbrokers will be idea that companies which agree 

Sf lb bor. next month. Page 14 Mr Mackenzie denied trade i, rrn dling the placing of 10m t0 c j ose their foundries would 

— union accusations that _ the cumulative convertible redeem- ftp comoensated bv those that 

• clo^w wM part of a rundown remain to benefit from the 

CHIEF PRICE CHANCES YESTERDAY ° f Whe^ ai he S ^rived^a^yde- £ In New York improved market prospects. 

(Prices in pence unless otherwise Indicated) bridge yesterday Mr Mackenzie __ Au9i 19 Previous Waiting gr me Phoenix, 

' ? SES = ■ , ?5SiS , riSi-lS + I® brmo”ttafwO d sS™orlSre” : ! Hwlana and Wolff coj cittttDg 

SSlS hs£ wm 

£ J l %t% , lR £ "USASFSESi d= 8 #SSS SSSSS » 'glZSS 

British Aerospaee 240 + 12 “ Dglo ^ Gold. . . jE3S3 + 3J 


half. Page 17 

O BERWICK TEffPO. toymaker. 


our pi3ie mins. ance, under Section S of the 1972 -Most UK foundries have been 

Mr Jim Mackenzie, managing | m { us rrv Act, may total a working at less than two-thirds 
i rector of BSC plates, said it further ’ fl0m< of capacity 

ras the only min that coni Q oe The company 4s expected to be A proposal last November 



i 


. RISES: 

Treas. I2ipc 85 Cv.£108 + 2 
Exqur. I2pe 13-17.., £111 + 3} 
Berisford (S. W.) 150 + 12 

Boots 247 + 6 

British Aerospace 240 + 12 

Curry’S - 184 + 12 

Equiiy and Law... 466 + 16 

Fobe! Int 50 + 31 

Gerrard National 34S + 20 

Grand Met. 27S + 9 

Hanson Trust ...... 187 -*■ 7 

Johnson MaUhey... 260 + 10 
Lucas Inds. ......... 150 + 14 

Pearl 414 + 20 

P, & O. Dfd. ...... 160 + 5 

RacaL Elec. 53S + 13 

Rowntree Mack’tosh 192 + 10 
Scottish Newcastle 74 *r 3J 
Scottish Heritable 49 + 3* 
Stock Conversion... 29S + 8 


of Scotland’s steel industry. ‘ “ ” 

When he arrived at Clyde- £ In New iork 
bridge yesterday Mr Mackenzie __ Au9i 19 
faced an angry demonstration 

by more than 100 steelworkers. : 

Apples and a steel hat were s t j sl ^ 39B 
thrown at his car. 1 montti \n. 20 n .1 


In the Sheffield merger move, 


Spot ,S 1.V39B-7410 S 1.7190-7200 
1 mantH I0.20-O.15 di5O.lM.j4 dl5 
3 months O.l S-0.00 dig 0.10-0.05 dia 


new company— Sheffield P" 


remain to benefit from the 
improved market prospects. 

Waiting for the Phoenix. 
Page 15 

Harland and Wolff cost cutting 
plans. Back Page 
Thyssen, Krupp in merger 
tapes. Bade Page 
Lex, Back Page 


Cons. Gold Fields 470 + 30 

De Beers Dfd. 252 + 13 

Kloof Gold :-£l6| + lj 

Marievale 149 + 24 

Poseidon 146 + 12 

Randfonteih Ests. £33j + 4 

RTZ 440 + 15 

Unisel 616 + 65 

Vaal Reefs £33J + H 

FALLS; 

Berwick Timpo ... 14 - 3 

Blue Circle 39S - 15 

Kode Int 265 -29 

Somportex 77 — IS 


CONTENTS 


Appointments 

Arts 

Books Pago 

Bridge 

Ctiess 

Co/factmg 

Commodities 

Company Nows ... 

Cont ra c ts 

Crossword 

Economic Diary ... 
Entertain. Guido... 

Euro. Opts 

Finance and Family 


FT Actuaries 2) Stock Markets: 

Foreign Exchanges 19 London 2 

Gardening 7 Mining 

Gold Markets 17 Money Markets ... 1! 

How to spend it... 9 Motoring 

Intni. Co. New® ... 17 Overseas News ... I 

Leader 12 Property I 

Letters 1? Racmg H 

Lex 24 Wall Street II 

London Opts IS Bourses 1< 

Mm in the News... 24 Travel 

Share information . XL 22 TV end Radio ...... II 

Sport 11 UK News; 

5E Week's deals... IS General 3 

For latest Share Index phone 01.24G 8028 


Labour ............ 

Unit Tiusts: 

Authorised 

Others 

Weather 

Your Savings/inv. 
Week In the 

markets 
Base Lending rate* 
Budding Soe. Rates 

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Abbey Unit Trust 


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9 


Financial Times Saturday August 21 i$82 




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OVERSEAS NEWS 



agency 
urges Japan to 
boost efficiency 


MY RICHARD HANSON IN TOKYO 


JAPAN MUST improve 
efficiency in both the private and 
Government sectors in order .-to 
provide -an environment for 
greater economic growth, the 
Japanese Economic Planning 
Agency (EP A) contends in its 
19S2 White Paper on the 
economy. 

“The Japanese economy and 
society are still much more 
efficient than those of other 
advanced nations,” the report 
says. But It added that Japan 
must continue to achieve 
growth rates slightly higher 
than those in the U.S. and 
Western Europe to maintain 
“stability and vitality/’ 

EPA officials suggested yes- 
terday that the economy should 
he capable more rapidly than 
a recent projection by an 
advisor>' committee to Mr Zenko 
suggested. The committee saki 
Japan can expect annual growth 
rates oF 4-4.5 per tent for the 
next few years. 

This year’s white paper, 
though co nee n [rating otj longer- 
term problems. Is Lite latest 
salvo in a growing debate over 
current economic policies in- 
side and outside the govern- 
ment. 

The EPA’s director-general 
Mr Toshio Kumulo favours 
steps to stimulate the currently 


. sluggish economy on the 
grounds chat a failure to “row 
rapidly will result in sennits 
employment problems. 

.An opposing school of thought 
holds that Japan can no longer 
afford, nor expect, to achieve 
growth rates more rapid that its 
major trading partners. 

Big business in Japan has 
tended to argue that the 
Government should concen- 
trate on reforming its finances, 
and not in applying Keynesian 
methods to stimulate the 
economy.' 

The White Paper cautiously 
warns against ill-planned fiscal 
measures, in light of the high 
priority of bringing order back 
to government finauces. But It 
is firm in the belief tb3t the 
economy has substantial poten- 
tial to reLurn to a “ new growth 
path.” 

For die time being, there are 
no signs that the economy is 
improving. Domestic demand 
continues to be weak. 

Exports, which last year 
accounted for rhe lion’s share 
of growth, have fallen sharply 
since the October-December 
quarter and remain depressed. 

The EPA originally forecast 
3/1 per cent real growth for the 
fiscal year ending March. I9S3. 
Private forecasters now expect 
growth below 3 per cent. 


Russians may lay seventh 
gas pipeline from Siberia 


BY OUR MOSCOW CORRESPONDENT 
SOVIET ENERGY planners be- feed gas 
lieve their gas industry's con- 
struction capacity may be great 
enough to allow for the laying 
of a seventh major gas pipeline 
from Western Siberia. 

Mr Boris Shcherbina, Minister 
for Soviet Oil and Gas Construc- 
tion. said in an interview with 
Tass. the Soviet news agency, 
that planners were studying the 
possibility of adding another 
gas pipeline to the six scheduled 
to be completed by 1986. 

Construction of the network 
of domestic pipelines would not 
be affected by Moscow’s deci- 
sion to complete the East-West 
pipeline to Western Europe 
ahead of schedule, he added. . 

The export pipeline, due to 


from the Urengoi 
fields in the Soviet far north 
to Western Europe via Uzhgorod 
on the border with Czechoslo- 
vakia, is one of six pipelines 
to be built in the current five- 
year plan up to 1986. 

Mr Shcherbina said gas de- 
liveries to Western Europe 
would start on schedule in 
January 1984 and denied that 
U.S. sanctions, which have hit 
supplies of vital materials for 
the project, would delay con- 
struction for two years. 

Two domestic pipelines had 
now been completed, a third 
was nearly finished, and more 
resources had thus been freed 
for work on the “export" pipe- 
line. ' . — 


Ad Enquiry into the 
Israeli Invasion 
of the 

LEBANON 


The Israeli invasion of the Lebanon has caused 
great concern among many people in the 
world. Much of this concern is about reported 
violations of human rights and civil liberties, 
the classification and treatment of prisoners 
and contravention of existing international 
conventions. 

An International Commission to inquire into 
reported violations of Internationa] Law by 
Israel during its invasion of the Lebanon has 
been established under the Chairmanship of 
Mr Sean MacBride, President, International 
Peace Bureau, Geneva, Former Assistant 
Secretary’ General, United Nations Organisa- 
tion, Nobel Peace Prize, 1974. 

The Commission consists ofc Professor 
Richard Falk, Professor of International Law, 
University of Princeton. Dr Kader Asmal, 
Senior Lecturer in Law, Trinity College 
Dublin. Professor Geraud de la Pradelle, 
Professor, University of Paris. Dr Brian 
Bercusson, Lecturer in Laws, University of 
London. Professor Stefan Wild, Director, 
Oriental Institute, University of Bonn. 

The Commission is independent of all govern- 
ments, parties and organisations, and appeals 
to all people of goodwill around the world to 
contribute towards its work by giving moral 
and financial support. 


Donations/cheques payable to: For 
Inquiry on Israeli Invasion of Lebanon. 

Issued by: International Commission 
11 Connaught Place London W2 2ET 


the 


Australian 
aluminium, 
plant given 
gala start 

By Michael Thompson-Noel in 
Gladstone, Queensland 
GIVEN THE recession and the 
slump in world metal prices, 
the gala opfliins of a new 
aluminium smelter sounds as 
likely as icebergs on the 
Great Barrier Iteer. 

But Australians like to cele- 
brate.' which is why yester- 
day’s opening of ibe Boyne 
Island smelter, near Glad- 
stone, on the central Queens- 
land coast, was one big happy 
party. 

Surrounded by mangrove 
swamps, the Boyne Island 
smelter is claimed to. he the 
world’s most advanced. One 
day it may even be the big- 
gest. t hough for now the 
international consortium that 
built and funded it. Is only 
too aware that it faces hard 
times. 

Hence the smile of strained 
relief on the face of Mr 
Johannes Bjelke-Petersen, the 
Premier of Queensland, when 
he said that, the partners' 
decision to press on with 
construction in the face of 
depressed world markets, was 
indeed an act of courage. 
Output at Boyne Island by the 
end of the year is expected 
to exceed 25.000 tonnes, 
rising to 206.000 tonnes of 
primary aluminium when the 
second potline is finished in 
1984. 

Ultimately, output could be 
expanded to 412.000 tonnes a 
year. By then, it will have 
cost A$680m t£395ro). The 
partners are: Comalco, one of 
the “ big three ” Australian 
aluminium producers, with 30 
per cent: Kaiser Aluminium 
and Chemical of the U.S. (20 
per cent): and five Japanese 
companies, led by Sumitomo 
Light Metal Industries, which 
between them have 50 per 
cent. 

They will share the smelter’s 
output in proportion to their 
shareholding. 

Yesterday’s opening means that 
Queensland now has a fully 
integrated aluminium busi- 
ness. The bauxite is mined at 
Weipa. refined into alumina 
at Gladstone, and smelted 
into primary metal at Boyne 
Island. 

One of (he keys to (he project 
is Queensland's huge reserves 
of Bowen Basin coal and rhe 
associated construction of the 
Gladstone power station. 

Mr Mark Rayner. chairman of 

■ the Comal coowned operating 
company, Boyne' Smelters, 
said the partners had given 
“very serious consideration’’ 
to mothballing the plant 

In June. Alcoa of Australia 
deferred the start of construc- 
tion of a ASlbn aluminium 
refinery at Portland. Victoria. 

ftlickey and 
Minnie join 
union 

By Paul Taylor in New York 

MICKY MOUSE. Minnie Mouse, 
Donald Duck, Goofy and the 
other Walt Disney cartoon 
characters have signed up and 
joined the union. 

The 97 actors and actresses at 

■ Florida’s Walt Disney World 
who wander the pavements of 
the leisure centre dressed up 
in character costumes voted 
earlier this week to join the 
International Brotherhood of 
Teamsters. 

After complaining about dirty 
hot costumes and abuse from 
some of the visitors the Disney 
characters voted 45 to 41 to 
join the union for the first 
time since the park 'was 
opened ten years ago. Eleven 
cartoon characters failed to 
show up for the vote. 

The actors and actresses will 
now be represented in negotia- 
tions with management 
ihrough the park’s Service 
Trades Council which brings 
together seven of the 26 
unions represented at Disney 
World. 

The cartoon characters work 
eight-hour shifts with 20 or 
30 minutes on duty and an 
equal amount of time off. 

Mr Larry Parker, president and 
business manager for the 
union's local 385 branch, -said 
the main reason behind their 
decision to join the union was 
their desire to “ have a voice 
in negotiations.” 

Under park rules the cartoon 
characters are not allowed to 
speak to visitors while on 
duty. ” There are isolated in- 
cidents of abuse,” said Mr 
Parker, “and sometimes when 
children grab them they 
topple over." 

The union organiser said the 
cartoon characters would like 
to have more protection from 
(jeer-enthusiastic crowds and 

■ also felt they had to spend loo 
long in the Florida heal inside 
their costumes. 

Mr John Driver, park super- 
visor, rejected complain ls 
about the heat and dirty cos- 
tumes. “ We are always look- 
ing for ways to improve the 
costumes and they are con- 
stantly laundered,’ he said. 

Mr Prefer added that about 
S,0fi0 of the park’s 17,090 
permanent employees were 
unionised and said relations 
with the unions had been 
good. 


No one could say the Palestinian fighters are crushed, writes Jim Muir from Bptrqt 

PLO looks to a new phase of its career 


the 


THE AGREEMENT of ihe 
Palestine Liberation Organisa- 
tion in pull cut of Beirut marks 
an acknowledgement that an 
era is ending, and that a new 
■phase in the organisation’s 
career, for better or worse, must 
now begin. 

. PLO leaders have, as a Tesult. 
been drawing up iheir plans 
for future action and assessing 
the gains and fusses resulting 
front tile battle in Lebanon. 

" The outcome of (he war may 
or may not be the clear-cut 
political victory which some 
Palestinian leaders claim. Rut 
it is equally evident that Israel, 
despite its massive military 
superiority, failed to wipe the 
PLO off the map in the way it 
‘apparent!!- intended. 

Militarily, ihe Palestinian 

fighters, continued to defy the 
besieging Israeli army, for over 
two months — Ihe longest ‘Arab 
war with Israel since its creation 
in 1948 — and .to inflict compara- 
tively heavy 'losses, despite the 
stunning bombardments un- 
leashed on them. Nobody who 
has visited the PLO men io the 
front line could describe them 
as ■■crushed" any more than 
the PLO could be described as 
a spent force, in the regional 
and international political 
arena. 

The thousands of Lebanese 
and Palestinian civilians whose 
homes have been destroyed may 
not thank the PLO for hanging 
on in Beirut all those weeks. 
But the fact that its fighters 
did resist for so long with no 
Arab state stirring to help them 
is crucial. 

If the PLO had evacuated iis 
fighters — put now at 7.000.or so 
—in ‘the first week of the seige. ' 
it would have appeared as a 
humiliating collapse, discredit- 
ing the PLO in Arab eyes if not 
further afield. 

As things turned out, if any- 
body has been discredited, it 
must be the Arabs for disarray 
and lack of support for their 
supposed favourite cause— and 
not only in Palestinian eyes. 

The decision, not to make 
Beirut the PLO's Stalingrad or 
Massada after all, was. accord- 
ing to high PLO officials, taken 
towards the end of July. In the 
weeks of alternating negotia- 
tions and battles, up till tben, 
“we were, frankly manoeuvring 
-—there was no decision and no 
intention to leave,” one official 
admitted. 

The decision was taken be- 
cause as the war moved to- 
wards its third month, it was . 
obvious that the Arabs were - 
failing to rally militarily, and • 
that there was Insufficient Arab 





5ft -- 


mjr 




\ , S. . ... 

V ' rnm 3 



% ■ :A J . 


PLO military police carry coffin of Israeli soldier killed in Lebanon 


•£c" 

■ ** 


pressure on Washington to in- 
duce the Americans tu restrain 
Israel from destroying West 
Beirut. 

Locally, most Lebanese Chris- 
tians were openly or tacitly 
urging the Israelis cm. while 
Moslem and even left-wing 


social control, and the efficiency two sides in Lebanon in 1976. 
of their intelligence services. . Does this mean there is a vary 
This is nowhere more true real chance they may now be 
than in Syria, where the bulk of in a position to succeed in that 
the "independent" Palestinian aim? 

forces — Fatah (the largest Some Palestinian observers 
group headed by PLO chairman do expect a quiet struggle to 
Yassir Arafat) and the other develop as the Syrians try to 


at.. chunk Of: its forces .In 
Damascus beeauseoT Syria’s 
centrality, finking' Jordan and 
Lebanon and facing Israel. . At 
the same time. Thousand* of 
FLO -troops wifi be scattered 
around other Arab states, watt- 
ing the -call to battle, and the 
leadership will dearly flit 
about, as it always has. 

None the less, the spedai im- 
portance accorded to Syria, aq 
the PLO's calculations for the 
future, makes il seem likely 
that Syria, will be. very . much 
die focus, in the coming phase. 

This is not least because the 
Israelis :are also indicating that 
they will turn their attention to- 
wards the Syrians once the 
Beirut question is resolved. 

Asked about the future of 
Palestinian military action, PLO 
officials hinted at plans -for a 
phase of clandestine activity not 
involving terrorism in Europe 
— " the Europeans have taken a 
very good position T—but not 
necessarily exempting- the 
Arabs. ... 

Could President Assad's 
Syrian rfgime effectively clamp 
down on the Palestinians in 


jVl 1.151 Kin dll U even mi-Biu, - —————— "'““I' ■ . 1' , C..-4-0 

leaders made clear their belief groups not directly controlled bring the PLO under control. 


by 


that the PLO should so quietly. 

In these conditions of Arab will be stationed in a special 
*• lassitude " — a phrase much camp being prepared 10 
levelled at Arab capitals by kilometers outside Damascus. 
Palestinian leaders — the PLO . The PLO leadership could 
thus finds itself obliged to give make its headquarters There. 


a specific Arab regime — Mr Abt> Jyyad, Yassir Arafat’s 

the Fatah 


up its only independent terri- 
torial fuothold and the stale 
wilhin-a-state it had been able 
to build up over m3ny years in 
Lebanon because of the weak- 
ness of rhe central government. 

By contrast, the Arab states 
among which The PLO forces 
will be distributed are re- 
nowned for the degree of their 


unless, as has frequently been 
reported, it opts for distant 
Tunis, where the Arab League 
is based. 

The drawback is that the 
Syrians have for years conduc- 
ted an unspoken campaign to* 
impose their control over the 
PLO. The most obvious example 
was the collision between the 


number two in 
organisation, is not one of 
them. 

“ Arafat is now stronger than 
any Arab leader ” he says. “ No 
Arab regime, can put us in 
jail ... we have come out of 
this with no debts to the Arabs, 
or to anybody else except the 
Lebananese of West Beirut 

** At any Arab meeting, 
Arafat can bang his fist on the 
table, and shout and nobody 
can speak against him." 

The PLO decided to station 


Pym seeks long-term solution 


BY JOHN . HUNT, PARLIAMENTARY CORRESPONDENT 


THE UNITED STATES. 
Erilain and the other EEC 
countries must seize the 
opportunity offered by ihe 
PLO withdrawal from West 
Beirut in order to find a long- 
term solution to the Arab- 
fsrael conflict, Mr Francis 
Pym. Foreign Secretary, said 
yesterday. 

“I was always afraid there 
would bp a major . war in 
Beirut, much greater- than 
anything that bas happened,” 


be said In an interview on 
Ibe BBC radio programme, 
World at One. 

Although he conceded that 
In some respects the prospects 
of a settlement bad been set 
back by tbe war in Lebanon, 
he felt every' opportunity bad 
to be seized. 

He emphasised the need for 
all foreign troops, including 
the Israelis, to withdraw from 
Lebano and felt that the Arab 
countries would then be pre- 


pared to talk about an overall 
solution for the area. 

Mr Pym admitted that . at 
tbe moment there was no firm 
proposal for any such confer- 
ence to take place. But he 
added: “What has got to he 
achieved is that Arab coun- 
tries make peace with Israel 
and vice versa. 

“We must somehow deal 
with the long-term future of 
the .Palestine people. They 
have the right of self-deter- 
mination.” 


Syrian officials themselves 
appeared to doubt it. Recently 
diplomatic . visitors quote 
Damascus officials- as saying; 
“We don’t want these guer- 
rillas here, but we- have' to take 
them. We don't like it because 
we can't control them. It is 
dangerous to try because they 
have the support.of the people.” 

The thrust of the PLO’s 
future plans may have been 
hinted at by Mr lyyad when he 
said: "If Syria entered the 
battle with us, and Damascus 
were besieged as Beirut wa?. 1 
am sure we would get our 
Palestinian stale, so we must 
find another Arab capital to be 
besieged and to bear a military 
struggle." - 

That is not to suggest that 
the PLO would try to engineer 
a coup in Syria or elsewhere. 
Acting as a catalyst for change, 
however, may be another 
matter. 

While the PLO is unlikely to 
do anything that might set back 
its diplomatic career, it believe- 
the Israelis are nowhere near 
willing to concede the Palesi> 
man right. to statehood. 

Its officials and leaders make 
it dear they intend to keep 
their cause alive in every pos- 
sible way until that primary 
demand Is met. 


Corsican blasts mark separatist offensive 


BY OUR PARIS STAFF 

THE CORSICAN National 
Liberation Front (FLNC). not 
to be outdone by recent terror- 
ist attacks in Paris, yesterday 
claimed responsibility for a 
spectacular series of about 100 
bomb explosions in different 
parts of the island and an- 
nounced, somewhat belatedly, 
that its truce with the Mitter- 
rand administration was over. 

The bombs, aimed at shops, 
offices and holiday homes, 
caused substantial material 
damage but no serious injuries. 
About 45 were reported to have 
gone off in the main town. 


Ajaccio, in the space of half an 
hour. 

It was rhe biggest-ever exer- 
cise of its kind by the FLNC, 
which has become specialised in 
staging "blue nights.” the last 
time in February, when a 
legionnaire was killed in one 
of the blasts. The attacks 
heralded the appointment yes- 
terday of a President for the 
island’s new assembly, elected 
on August S in a ballot snubbed 
by the FLNC. 

M Prosper. Alfonsi of the 
left-wing Radical Movement 
(MRGj was chosen in a third 


round of voting after earlier 
rounds had failed to produce an 
absolute majority among the 61 
assembly members. 

The MRG is locally the most 
powerful of the parties belong- 
ing to France’s ruling coalition. 
But although M Alfonsi suc- 
ceeded in gaining the post, 
backed by a. JO-man bureau 
representing all left-wing 
parties, the Left remains with- 
out an effective majority in the 
Assembly — a precursor to other 
assemblies which arc. due to b» 
set up in 1984 in France’s 21 
metropolitan regions. 

M Alfonsi, 62. who was head 


of the previous indirectly-elecled 
and much less powerful regional 
assembly, finally won hy 23 
votes to the Gaullist candidate’s 
20. The leader of the UPC auto- 
nomist party. Dr Edmond 
Siraeoni, insisted on staying in 
the running and received 9 
votes in the final ballot. 

Talks on an alliance between 
the UPC and the left-wing 
panics broke down earlier in 
the week when Dr Simeoni 
called for a public denunciation 
at the island’s two political 
“clans" including that of the 
veteran MRG leader Sr. 
Francois Giacobbi. 


STORM BREAKS OVER ‘GREENS’ OF SA1NT-ETIENNE 


France’s football pride takes another blow 


FINANCIAL TIMES, published daily., 
except Sundays and holidays. U.S. 
subscription rates S3® .00 per annum. 
Second CJb«» postage paid at New 
York. N.Y., end »E additional milling 
centres. 


THE PRIDE of French football, 
unexpectedly bolstered by the 
national team's success in reach- 
ing the World Cup semi-final, 
has been shattered again by 
allegations of shady dealings 
at the country’s most distin- 
guished club, the famous 

Greens ” of Saint-Eticnne. 

After a tempestuous few 
months, M Roger Rocher, who 
has just ended an extraordinary 
21-year reign as Saint-Etienne's 
chairman, has made claims con- 
cerning the existence of hidden 
accounts, used to provide under- 
the-counter payments to top 
players. 

Fellow football chiefs accuse 
him of sour grapes or, as the 
French have it, “ spitting in his 
soup.” But the French Football 
Association has taken the mat- 
ter moreseriously. 

Yesterday, it proposed extra 
sanctions against players .and 
clubs for any financial irregu- 
larities— suspension, exclusion 
from the Cup, or penalty points 
in the league competitions. 

Since making his startling 


BY DAVID WHITE IN PARIS 
claims on French radio, M 
Rocher has been heard at length 


by Lyons police, and has said 
that he named names. The 
alleged secret fund is said to 
have amounted to about 
£250.00 Oof tax-free money. 

M Rocher. a one-time miner 
who ran a building company 
before devoting himself full- 
time to the club in 1980. has 
his enemies, but also a lot of 
support, both in the depressed 
industrial region of Saint- 
Elienne and in the world of 
football. 

- When be took over in 1961, 
the club had only once won 
The First Division championship, 
and had nfrer won the. Cup. 
Since then, it has won the 
League nine times, holding the 
title for as long as four years 
running, and the Cup six times. 

Its most ardent supporters 
include M Georges Marchais, the 
Communist leader, whose party 
won Saint-Etienne five years 
ago. 


Simmering quarrels within 
the club boiled over on April 
Fool’s Day with an open revolt 
against M Rocher. “The Green 
Revolution,” the papers called 
it 

The complaints were many: 
the constraints of an agreement 
he had made with a U.S. promo- 
tion company, the club’s pre- 
carious finances, the contract 
given to Yugoslav goalkeeper 
Yvan Curkovic as management 
adviser, M Rocher’s own salary. 

The board meeting the follow- 
ing Monday lasted five hours. 
Curkovic was dropped but 
the pipe-smoking M Rocher 
emerged, amazingly, still in 
command. 

He might have been able to' 
hold on. had the team not lost, 
by a hair’s breadth, both its 
championship title and the Cup 
Final. 

It also lost three of its star 


internationals: Christian Lopez, 
its captain, who missed the fatal, the club has 
tie-break penalty in the Cup* secret centime. 


Final; the Dutch attacker. 
Johnny Rep; and France’s 
No 1 player. Michel Platini. 

M Rocher finally resigned on 
May 17, at another Monday i 
board meeting, but in the bars | 
of Saint-Eticnne supporters arc i 
still plotting to get him back. { 

His allegations may put at I 
risk other clubs which, as a I 
result of financial pressures, J 
may have resorted to hidden : 
accounts, funded from un- : 
disclosed ticker sales and 
advertising receipts. ; 

France has no football pools j 
to provide income for the sport ; 
(the gamblers’ money goes on j 
horses), and almost all the i 
clubs are registered officially as 1 
non-profit-making organisations. | 

The president of the French ; 
Football League, M Jean \ 
Sadoul. has insisted that this is ; 
** not standard practice.” I 

M Rocher's arch board rival, I 
M Andre Buffard. now vice- 
chairman of Saint-Elienne, says 
not a single I 


Bombay 
still tense 
after mutiny 

By K. K. Sharma in New Delhi 
BOMBAY remained tense yes- 
terday following a mutiny by :'.s 
22.000-strong police force. But 
the stituation improved enouzh 
for the authorities to lift the 
curfew clamped on parts of the 
city since Wednesday. 

Contingents of the Indian 
Army and paramihtarv forces 
continued to patrol the street > 
in large numbers to ensure that 
no further violence took place, 
as the Indian and Maharashir-i 
State governments decided tn 
take strict disciplinary action 
against recalcitrant policemen 
and Lheir leaders. Simultan- 
eously a committee is tn ex- 
amine their demands and Griev- 
ances. This has been decided m 
prevent the mutiny from spread- 
ing to other sates as happened 
in 1979 when a police agualmn 
in one part of the count ry 
rapidly spread. 

The mutiny took both the 
Indian and Maharashtra govern- 
ments by surprise. But there is 
satisfaction in New Delhi that 
it has been contained-lo Bombay 
and has not spread even tn 
other parts of Maharashtra 
State where there is consider- 
able sympathy for the mutin- 
eers. 


HK Governor 
discounts 
N-pIant report 


Banks press oyer UK- Argentina sanctions 


BY DAVID TONGE, DIPLOMATIC CORRESPONDENT 


TI1E BRITISH and Argentine 
governments are having lo re- 
sist mounting . pressure from 
their hanks to lift the economic 
sanctions they introduced 
against each other in April, 
according to officials. 

British officials say that talks 
aimed at lifting Ihe sanctions 
are "not promising.” though 
there is some hope that the con- 
tinuing problems may be over- 
come in the weeks ahead. 

Argentine banks have been 
putting particularly heavy pres- 
sure on the Buenos Aires 
government so that they can 
renegotiate the large service 


payments due on the country’s 
external debt in the second half 
of this year, according to reports 
from the Argentine capital. 

However, the Foreign 
Ministry there has. been insist- 
ing that Britain should give the' 
lead since it was the first to 
impose sanctions. About $l.5bn 
of Argentine assets were forzen 
by Britain after Argentine 
troops invaded the Falkland 
Islands. 

In Britain, the t-I caring banks 
have been actively calling on 
the Government to lift its sanc- 
tions. Sir Geoffrey Howe, the 
Chancellor, will find a letter 


from them on his desk when he 
returns from holiday on 
Monday. 

But the UK Government has 
been maintaining the line spelt 
out by Mr Francis Pym, the 
Foreign. Secretary, two weeks 
ago that any lifting ot sanctions 
■' must depend on the Argen- 
tines terminating the measures 
they have taken against us. The 
resumption of normal commer- 
cial relations must clearly be on 
an equal basis." 

Negotiations have been taking 
place through the Brazilians, as 
well as directly between the 
Bank of England and Argen- 


By Robert Cottrell in Hong Kong 

I THE GOVERNOR of Hong 
i Kang, Sir Edward You dr, ye«- 
1 terday discounted repo ns ihaj 
J he had been told ihai the 
j Chinese State Council had mvon 
i formal approval for a nuclear 
I power station in Guangdong 
[ ( Canton 1 province. 

] A j oi n t-venture between Hon r 
Kong's China Light and Power 
j company, and Guangdong 
■ Power Company has been und>*r 
’ study for two years. But Sir 
J Edward said rhat: during his 
j tworday visit, to Guangdong a; 
I the invitation of Liu Tianfu. 
the provincial governor, *' We 
I did not discuss the specific 
f power station project." 
j Guangdong officials, however. 
! had made- it clear in qennral 


tina’s central bank, according to 
those involved. 

France recently agreed to » discussion* of cnergv plans that 
resume arms supplies to the j !)}l£! Mr encrsy - ,^ a d a P 21 " 1 
Argentine junta, but the rest oi j china Lichr join- 

Britain s allies who introduced ; venture, as envisaged jrt a 
sanctions have maintained ! fpasibilitv studv concluded in 
them. These sanctions include > late 19S0. would cost armind 
a ban on imports from Argen- i ''nme S4hn-S*5hn and would 
lina and on weapons sales, s iTK,,ude Tvro P^uncnd 

Britain ts also keeping a » | ^ 

miie protective zone in place j station may he a topic nn the 
round the FalHands. though it j agenda for the visit that Mrs 
has lifted its “ total exclusion » Margaret Thatcher, the British 
mne " extending up to Argen- j Prime Minister, is due lo pay to 
tm e territorial waters. j Peking next month. 






^3 


Financial Times Saturday August 21 1982 


UK NEWS 



• s 



LABOUR 


^Waiting for the phoenix that may never rise 

Arthur Smith, in a final report, looks at how 
companies are facing up to further cuts 


VHOLE CHUNKS of manufac- 
uring are likely to be cut in 
he next few months, according 
ot the Confederation of British 
ndustry, in the West Midlands. 

Mr Chris Wa Hiker, its chair- 
nan, says companies throughout 
he region plan to axe more 
obs in the face of continuing 
iepressed demand. 

There is great anxiety among 
n anas or s who believed they 
rad cut capacity and labour to 
:he bone. 

“ Now they wonder whether 
all the sacrifice might have been 
in vain as they look yet again 
at activities.” Mr Walliher says. 

Industrialists in the West 
Midlands, with its heavy con- 
centration of manufacturing, 
have been stung by the criticism 
aimed at Sir Terence Beckett, 
CBI director general, who 
spelled out the depth of reces- 
sion. “ We back him to the 
hilt." says M r Wa Hiker. 

In private, feelings run high. 
There is great frustration at the 
apparent stubbornness of the 
Conservative Government — 
which most companies support 
— in failing to make what indus- 
trialists consider to be the 
minor shift in economic policy 
required to give a much-needed 
lift in demand. 

** We are not asking for 
massive reflation. Just a 10 per 
cent rise in orders would make 
us profitable and set the whole 
economy moving,” is a much- 
head comment by Midlands 
industrialists. 

Contrary to Government pre- 
dictions of an improvement, a 
West Midlands CBI survey 
shows home demand weakening, 
exports dipping, capacity use 
falling, cash flow deteriorating 
and investment being deferred. 
“The Government seems to 


have unleashed a treadmill that market and yet must walk round 
is grinding down 1 industry and plants with expensive modem 
which it can no longer- control," machinery standing idle, 
says Mr Reg Parkes, chairman Me Parkes maintains that 
of Brockhouse, a Midlands orders for the Midlands metal- 
engineering company. “ I don't using industries feU sharply in 
believe there has yet been an April “ For the third April in 


end to de-stocking. But orders 
are. falling away faster than any- 
one can cut inventories." he 
says. 

Mr Parkes was perhaps first 
to soimd' the alarin about the 
gathering pace, of decline in the 
manufacturing sector. ' He ex- 
pressed concern two years ago 
when he was chairman of West 
Midlands CBI. 

Regional unemployment had 
climbed to n 6.2 per cent. In 

depressed towns " such as 
Wolverhampton ir was 7.5 per 
cent, and at Telford it was 9.9 
per cent. 

Unemployment in the West 
Midlands is now 16.2 per cent. 
It has reached 17.3 per cent in 
Wolverhampton and 20.8 per 
cent in Telford. 

Brockhouse has cut its UK 
workforce in the same period 
from 3.700 to 2,500. The com- 
pany has closed operations, cut 
facilities, boosted productivity, 
increase!® the proportion of busi- 
ness going to export, and in- 
vested overseas. 

“But like every other com- 
pany I speak to in the region 
we are still having to go round 
the course again and look for 
more savings and more cuts in 
capacity.” says Mr Parkes. 

In common with many chair- 
men in the West Midlands, he 
has empty factories still on the 


succession orders just fell over 
the cliff. The recession has not 
been continuous. We are now 
into & third round of contrac- 
tion. 


“We are making slow and 
painful progress picking up 
orders. But it is at the expense 
of competitors and people who 
have gone out of business. 
There is no improvement in 
demand." 

Mr Parkes is confident 
Brockhouse has taken the right 
measures to. ensure a profitable 
future. The company’s invest- 
ment overseas has been suceess- 



“To keep ahead of the com 
petition we constantly need fo 
invest in new technology. That 
is only possible with fuller load- 
ing of machinery,” Mr Parkes 
says. ; 

The point is taken up by 
the director of another leading 
Midlands engineering company. 


Brockhouse says it is the UK ful and its materials-handling, He walks disconsolately round 

, i. liaht J...: „ r ■ _ . , . 


market leader in re-rolling light 
steel angles, which are used ex- 
tensively throughout the engin- 
eering industry. Last month, Mr 
Parkes closed one of the com- 
pany’s three mills in Smethwick, 
which he claims are among the 
most modern in Europe. About 
70 jobs were axed. The steel 
workforce has been cut from 
450 to 200 in three years. 

The problem is not just weak 
home demand but a recent up- 
surge in imports which have 
grabbed 50 per cent of the UK 
market, Mr Parkes says. 

“ Our productivity and quality 
is equal to the best in Europe 
and yet Italy and Spain are able 
to undercut our prices. They 
are clearly being subsidised but 
our Government will not inter- 
vene. While such situations con- 
tinue UK manufacturing will be 
swept away." 

Brockhouse Castings and 
Forgings division, a basic sup- 
plier to industry, underlines the 
low level of activity. Only about 
half its capacity is being used 
in spite of "a traumatic year 
with redundancies and restruc- 
turing costs.” 


divisions remain strong. 

However, Mr Parkes illus- 
trates the problems faced by 
engineering in general with fihe 
example of the Brockhouse 
transmissions faotory at the 
company headquarters m indus- 
trial West Bromtfzch. . 

The factory supplies hydraulic 
transmissions to the forklift 
truck industry and for off-road 
vehicles manufactured by com- 
panies such as Ford, Coventry 
Climax and International Har- 
vester. About half the supplies 
are exported but world markets 
have been hit by recession. 

More than 50 redundancies 
are currently being pushed 
through, which win almost 
halve the labour force in two 
years to only 170. Even then, 
short-time working is likely. 
Turnover this year is expected 
to be around £3m compared 
with its target of £8m to £10m. 

■The plant is operating at less 
than 30 per cent capacity. 
Numerically - controlled 
machines, which were installed 
recently costing £100.000 phis, 
are seriously under-used. 


his factory and nods towards 
the banks of idle machines. 

"We used to consider the 
minimum economic run for our 
components was 200,000. . Now 
customers ask for 50,000. It is 
hardly worth starting the 
machines." 

The trend towards small 
orders and a reluctance by com- 
panies to hold costly stocks of 
materials or to keep work in 
progress is causing dislocation 
and delays. “ There is a vicious 
circle of low-volume, low- 
productivity. low-profit; and 
lack of investment — a pattern 
which must eventually feed 
back into research and develop- 
ment and technological innova- 
tion," says one manufacturing 
director. 

Mr Parkes said two years ago, 
in a much-publicised quote: 
“ There is much talk of industry 
rising like a phoenix from the 
ashes. But what if we are just 
left with the ashes?” 

Today he smiles ruefully 
when asked about his forecast: 
“As I look around this region 
I see nothing but ashes.” 


Delay for 
hi-fi disc 
systems 

By Elaine Will rams 

SONY AND PHILIPS are to 
delay until next spring the 
UK launch of a hi-fi audio- 
disc system scheduled for 
November. Sony says neither 
company will have enough 
disc-players to meet expected 
demand in UK and other 
European markets. 

The postponement is re- 
miniscent of repeated delays 
in the launch or the Philips 
videodisc, on which the audio- 
disc is based. Another, prob- 
lem is thought to be a lack of 
recorded material, because 
few record companies have 
agreed to adopt the system. 

Sony's introduction of the 
compact disc in Japan, how- 
ever, will proceed before the 
end of the year. 

The compact disc will pro- 
vide a sound-quality beyond 
all but the most expensive 
hi-fi systems presently 
available. 

It is only 4} in in diameter 
and stores up to one hour of 
music on a single side, in 
microscopic pits arranged in 
a digital code. These pits are 
buried beneath a transparanet 
plastic layer and are read by 
a laser stylus. So, the disc 
lasts for longer than a con- 
ventional long-playing record 
and is not affected by surface 
scratches. 

More than 30 hi-fi makers 
including Sanyo, Technics, 
Grandig and Akai have taken 
up licences to produce the 
disc-players, so ensuring a 
single world-standard for the 
system. 

Two major record com- 
panies only. Polygram in 
West Germany and CBS-Sony 
in Japan, have invested in 
plant to make the discs. It 
is believed other record com- 
panies are abont to adopt the 
compact disc but have been 
reluctant to make the £7m to 
£10m investment needed for 
manufacturing. 

Polygram, the world’s 
largest record group, has 
invested DM 100m (£23-4m) 
lo sel up its disc-pressing 
plant in Hamburg. This 
eventually will press about 
5m dises a year. Even with 
this investment the company 
cannot make sufficient quanti- 
ties to support a full Euro- 
pean launch of the compact 
disc. 

Last month Philips said it 
would concentrate on intro- 
ducing the system in . four 
European countries — West 
Germany. France, UK and 
The Netherlands. 

Disc-player makers have no 
firm plans for an early intro- 
duction is the ILS. because 
record companies have shown 
little interest in providing 
music to support a launch 
there. 


DeLoreau consortium seeks funds 


BY JOHN GRIFFITHS 

THE UNNAMED UK con- 
sortium interested in Belfast’s 
De Lorean car plant has been 
asked by the Government to 
return for talks when it has a 
completed plan and a firm com- 
mitment from investors. 

The reasons for the Govern- 
ment’s rejection of an initial 
approach from the consortium 
emerged yesterday. 

In addition to the De Lorean 
sports car the consortium wants 
to make a second car. using 
BL components. 

It has asked the Government 
to transfer the Belfast assets 
on the basis that the Govern- 
ment would retain its Hen on 
them and that the consortium 


would assume full repayment 
of Government loans to the 
Belfast venture. 

It bad also asked the Govern- 
ment to underwrite expenses to 
be incurred by the consortium 
in raising up to £15m capital to 
take over and restart the plant. 
These expenses are understood 
to refer to fees for merchant 
banking services which would 
be about £100,000. The Govern- 
ment refused on both counts. 

There appears to be no reason 
why the proposal on the trans- 
fer of assets should not form at 
least the basis of the agreement 
The request for the consor- 
tium’s expenses to be covered 
indicates, however, that its pro- 
posals are just an outline plan 


which must be developed 
further before the Government 
will take it seriously. 

Meanwhile there were indica- 
tions yesterday that the com- 
ponents being sought by the 
consortium from BL include 
floorpans of the Triumph TR7. 
now out of production.- 

These, with BL engines and 
other running gear, could form 
the basis of a car using a plastic 
body. 

To build a conventional, steel- 
bodied car at the plant would 
appear not to be logical, because 
apart from its body-moulding 
facilities, the plant has been 
used only for assembly of com- 
ponents brought In from else- 
where. 


Lotus denies Belfast plant link 


BY JOHN GRIFFITHS . 

LOTUS yesterday dismissed 
speculation that it might have 
links with the consortium seek- 
ing to take over the De Lorean 
car plant in Belfast. 

. Speculation arose because of 
Lotus's role in developing the 
De Lorean car and because 
Lotus plans to launch in 1984 
a small sports car, of which 
5,000 are to be built a year. 
This is more than five times 
Lotus's current production and 


much of the output Is expected 
to be sold in the U.S. 

But Lotus maintains that it 
has adequate capacity at its 
plant at Hethef. Norfolk, and 
it intends to use Toyota engines 
and gear-boxes. 

Lotus is to announce its new 
marketing arrangements for 
the U.S., now that its joint 
distribution there with Rolls- 
Royce has ended, within the 
next two weeks. They are 


expected to involve a new 
partner, because of the higher 
sales potential offered by the 
new sports car, Lotus’s col- 
laboration with Toyota, and the 
latter's extensive U.S. sales net- 
work,' makes the Japanese 
company a likely candidate. 

Global Lotus sales are up by 
100 per cent this year and out- 
put of last year has almost 
doubled to barely fewer than 
60 cars a month. 


Nissan plant is 6 only postponed 9 


BY JOHN LLOYD, LABOUR EDITOR 


NISSAN, the maker of Datsun 
cars, has written to the Wales 
TUC to say that its plans to. 
open a car plant In the UK are 
not dead, only postponed. 

Mr George Wright, secretary 
of the Wales TUC and regional 
secretary of the Transport and 
General Workers Union, said 
yesterday that the letter proved 
that coverage in ** certain Sun- 
day newspapers” suggesting 
that Nissan’s decision not to 
set up in the UK because of 
bad . industrial relations demon- 
strated “total irresponsibility.” 

The letter to Mr Wright, from 
Mr Masaharu Futami, industrial 
relations manager of the feasi- 
bility study, makes no mention 


of fears of industrial disruption. 

It says “Nissan’s inability to 
make a firm decision at this 
stage has been a considerable 
disappointment to all of us.” 

Reasons for the postponement 
include “ the clouded world 
economic outlook and certain 
medium term prospects for the 
automotive industry in particu- 
lar.” 

Mr Wright said the Wales 
TUC would remain in contact 
with Nissan and believes that 
a future decision would favour 
Wales. 

The TGWU and the Amalga- 
mated Union of Engineering 
Workers agreed with the com- 
pany at national level to form 


a single bargaining unit to sim- 
plify industrial relations. Mr 
Wright believes tbart: the large 
supply of skilled manpower in 
Wales, coupled with the suc- 
cessful experience of a number 
of Japanese companies there, 
would swing Nissan towards the 
area. 

Mr Futami’s letter gives some 
grounds for hope that the 
Japanese company is keeping 
Its options open. It says that 
" important aspects of the pro- 
ject are still under study. 

"We would like to continue 
to call on your (Wales TUC) 
co-operation as we seek lo re- 
solve the uncertainties that have 
led to the postponement.” 


NCB subsidiary signs £60m deal 


BY LISA WOOD 

'A £60m agreement to supply 
equipment for a new opencast, 
coal mine _in India has been 
signed by British Mining Con- 
sultants, a subsidiary of the 
National Coal Board. 

The coal mine, at Amolori, in 


power station, also to be built 
by a British consortium. 

British Mining Consultants, 
which signed the agreement 
with Coal India yesterday, has 
long-established links with the 
Indian mining industry and 
has played a key role in the 
introduction of modem open- 


the Singranli coalfield, is being cast mining equipment there, 
developed to feed the proposed Under the agreement it will 
RiJjand 2X500 bw coal-fired act as "procurement and co- 


ordination ” consultants to pro- 
vide plant and equipment 
Tenders are expected to be put 
out at the end oT this year. 

It is understood that the 
British Government will pro- 
vide £30m in ^id to finance 
purchase of the equipment for 
the coal mine, the remaining 
costs being covered by British 
Government - guaranteed export 

credits.- 


Molins cuts 
jabs at 
Bristol 

By James McDonald 
MORE THAN 300 of the 380 
jobs at the Molins corrugated 
board machinery factory at 
Bristol are to be lost over the 
next five months in a move to 
stem losses' in the group's 
packaging machinery division, 
which lost £900,000 in 1981. 

Molins. which makes packag- 
ing machinery and machinery 
for the tobacco industry, is to 
retain only limited machine 
manufacturing capability at 
Bristol. The company’s Langston 
corrugated board machinery 
division now plans to serve the 
European market primarily with 
machinery made at its main 
plant in New Jersey, in the U.S. 

•* This reduction in manu- 
facturing operations at Bristol 
follows from low levels of 
demand for corrugated board 
machinery generally, which 
have had a particularly severe 
effect on the European market, 
where no significant recovery is 
expected in the short term,” 
Molins said yesterday. 

European sales and service 
of corrugated board machinery 
are being strengthened and will 
continue to be based at Bristol 
— -where 'between 60 and 80 
jobs will be retained. They will 
be backed by a news sales office 
at Frankfurt. 

• Polaroid is to put 250 “ twi- 
light shift” employees in its 
Scottish factory at Vale of 
Leven on week-on. week-off 
washing from September 6 
because of failing overseas 
sale.s. 

The company tried to counter- 
act the decline earlier in the 
year by production changes. The 
Vale of Leven plant is geared 
to producing high-volume low- 
cost cameras for amateurs and 
the 1,400 workers there are con- 
cerned about possible redun- 
dancies. 

Mr Tom Tait the plant's 
managing director, said yester- 
day: “We anticipate that, in 
taking action at this time, the 
situation will be corrected.” 

Sales of cameras an the UK 
market were bolding up. and 
manufacture of film and sun- 
glass lenses at the plant was 
not affected, he said. 

• W. Wright and Sons, builders, 
of Sutton in Ashfield, Notts, 
which employs over 100 people, 
has called in a receiver. Draft 
2981 accounts for the company 
and its plant hire subsidiary 
show losses of £236,000. 

• Caterpillar turned down a 
trade union plea to introduce 
short-time working at its 
Uddingston plant near Glasgow, 
as an alternative to making 350 
redundant 

• The Presswork division of 
Moss Engineering was bought 
by Ron Jeavons Steels, of Brier- 
ley Hill. West Midlands, which 
has promised to keep on the 36 
workers. 


Windsor 
guards 
change step 
for tourists 

&r James McDonald 

TELEVISION is often blamed, 
rightly or wrongly, for influ- 
encing the timing of events 
to suit tine convenience of 
viewers or commercial spon- 
sors. The tourist industry, 
however, is no slouch in these 
matters. 

Windsor is the most popular 
tourist town In Britain out- 
side London, with the castle 
the major draw. But a survey 
in 1980 revealed that most of 
the 3,$m visitors that year 
were day-trippers spending 
an average of only £5.50 per 
head in Windsor. Coach-trip 
passengers spent even less at 
£3.90 a head, and their aver- 
age stay in the town was only 
3} hours. 

The time spent was a crucial 
factor. Not only was the con- 
stant coming and going caus- 
ing congestion in the town 
centre and irritation to resi- 
dents; the visitors were also 
not spending enough. Obvi- 


More UK News 
on Page 15 


ously the strategy must be to 
persuade visitors To stay 
longer, preferably for lunch, 
and generally to spend more. 
The Royal Borough of Windsor 
and Maidenhead took up the 
challenge and created a pro- 
ject team which designed a 
tourism strategy. 

Ylva French of the London 
Tourist Board writes with un- 
disguised admiration of some 
of the successes of this stra- 
tegy, and particularly of how 
one very important tourist 
event was manipulated in 
order to draw more visitors 
into Windsor's lunchtime net. 

The town's tourism officer, 
Bridget Elvin. is quoted as 
saying: “We were able to 
persuade the Lord Chamber- 
lain’s office to move the 
changing of the guard at the 
castle to 11.00 am instead of 
10.20 am. 

“This allows more time for 
visitors to get here and avoid 
the early morning rush. It 
also means they are more 

. likely to stay in for lunch in 
Windsor.” 

Planning application by 
Madame Tussauds to buiW a 
Royalty and Railways exhibi- 
tion in the historic railway 
station in tiie centre of the 
town, which had earlier been 
successfully opposed by the 
anti-tourism lobby, has ajso 
been approved. 

The final plans were given the 
go-ahead last year and con- 
struction is now on target for 
the scheduled opening of the 
exhibition next spring. It 
aims to recreate the events 
of Queen Victoria’s Diamond 
Jubilee. 

Visitors will enter through the 
station’s old ticket hall, reno- 
vated to make the most of the 
wood cladding and carving, 
and then go on to the plat- 
form to see a full-scale 
replica of the Royal train. 
Next will be the royal wait- 
ing room with its wax figures 
of Queen Victoria and 
Edward VIL On the other 
side, a 60-strong guard 
honour will be lined up 
welcome eminent guests 
Queen Victoria boards her 
landau, from the waiting 
room. 

For the purpose of authenticity, 
even the public lavatories at 
the station will be refur- 
bished according to the 
riod — with one or two 
ovements. 

Madame Tussaud’s is investing 
several million pounds in iSie 
project. Entry will probably 
cost £1.80 with discounts for 
children. And from Wind 
soris point of view, the visit- 
ing time at the exhibition is 
estimated at a valuable 45 
minutes- Every minute 
helps. 


London Transport 
workers awarded 
7% pay increase 


BY JOHN LLOYD, LABOUR EDITOR 
LONDON TRANSPORT for 

workers, who struck earlier this 
year against a 5 per cent wage 
offer, have been awarded a ? 
pec cent increase by the 
Independent LT Wages Board. 

The award, which is not bind- 
ing on either side, seems likely 
to be accepted by the National 
Union, of Railwaymen, which 
organises the majority of LT'$ 

20, 000-plus workers. However, 
formal approval must wait for a, 
special delegate conference in 
October. 


savings in 


substantial 
operating costs. 

Timetables introduced 
June were withdrawn by 
following a decision by 
NUR’s annual conference 


in 

LT 

the 

to 


That conference will also 
consider Lord McCarthy's 
report on British Rail pay, 
expected in early September. 

The LT Wages Board is likely 
to issue a further report on 
productivity soon. LT is looking 


call off the tube strike, which 
conincided with a one-day strike 
by NUR members on British 
Rail. 

However, LT made it clear it 
was only suspending the time- 
tables— drawn up after the end- 
ing of the Greater London 
Council’s Fair’s Fare policy — 
and could reinstate them. 

The arbitration award will in- 
crease pressure on LT. which 
budgeted for a 5 per cent in- 
crease. The Wages Board has 
also recommended a cut in the 
working week from 39 to 3S 
hours and a further day's holi- 
day. 


Government accused of 
health dispute provocation 


BY OUR LABOUR STAFF 

A HEALTH union official last 
night accused the Government 
of telling National Health 
Service administrators to 
toughen up ou workers taking 
action in order to provoke full- 
scale strikes. 

Mr Reg Bird, national officer 
of (he Association of Scientific, 
Technical and Managerial Staffs, 
also said the Department of 
Health and Social Security has 
sent a circular telling officials 
to deduct pay from health 
workers who refused to cover 
for private patients. The DHSS 
denied both claims. 

Health workers around the 
country took action yesterday. 
Ambulance staff in Derbyshire 
and Cleveland remained on all- 
out strike along with 700 ancil- 
lary workers at the London 
Hospital in Whitechapel, who 
are protesting at the sacking of 
shop steward. 

The National Union of Public 
Employees said 5U0 ancillary 
workers at South Shields hzd 
walked out without providing 
accident and emergency cover 
after 20 laboratory staff were 
sent home. 

Further sympathy action on 
behalf of health workers is 


expected in Scotland next 
month. An all-Scotland confer- 
ence of trade union officials 
and shop stewards may be 
called to consider escalating 
action. The Scottish TUC 
general purposes committee 
agreed to recommend the meet- 
ing to the general council. 

Mr Albert Spanr.wick, general 
secretary of the Confederation 
of Health Service Employees, 
said yesterday that the dispute 
could not be solved simply on 
the basis of a long-term formula 
for nurses' pay. He said: “We 
want some more money for this 
pay round,” 

Mr Kenneth Clarke, Health 
Minister, was greeted by a walk- 
out oF 700 staff at Newcastle 
General Hospital and 800 staff 
at the Freeman Hospital, New- 
castle, when he visited the 
hospitals yesterday. 

NUPE officials in London 
claimed yesterday that mem- 
bers of the Royal College of 
Nursing at the big London 
teaching hospitals had rejected 
overwhelmingly the Govern- 
ment's 7.5 pec cent pay offer, 
as voting in the RCN ballot 
closed. 


Dispute on 
cable TV 
role for BT 


of 

to 

as 


Channel Islands to ask for more say on air licensing 


Big demand 
for cruises 
on Canberra 


BY EDWARD OW0* 

GROWING CONCERN 


in CAA' has increasingly 
Jersey and Guernsey over the regarded the wishes of 

.r ktr Advisory 

with charter 


tiis- 

the 


attitude of .Britain’s Civil islands' Air Advisory Council 


Aviation 'Authority to licensing 
applications affecting the 
islands will be voiced at a meet- 
ing at the Home Office next 
Thursday. 

A top-level delegation led by 


when dealing 
applications. 

The council’s policy is not to 
encourage any charter opera- 
tions that could, directly or 
mdirectiv, dilute scheduled 


the Bailiffs— government heads traffic on- “ lifeline ’ routes 

from Heathrow, Galwick and 


— of Jersey and Guernsey will 
ask Lord Elton, Minister of 
State at the Home Office, and 
Mr lain Sproat,. Parliamentary 
TJnder-Secretary at the Depart- 
ment of Trade, for more local 
say In air licensing -decisions. 

Island authorities say that 
over the past two years the 


Southamoton. 

It Is felt that the CAA has 
disregarded this policy on 
several occasions, notably by 
allowing Britannia Airways/ 
OSL to operate a series of 
charter flights from Gatwick to 
Jersey this year. 


The Jersey authorities unsuc- 
cessfully asked Mr John Biffen, 
Trade Secretary, to reverse the 
decision. 

Uncertainty caused by the 
appeal prevented the operation 
of the charter flights but Mr 
Biffen’s refusal to intervene is 
seen by Islanders as raising a 
constitutional issue. 

it is argued that the CAA’s 
decisions are being taken pri; 
manly from the standpoint of 
the British tourist without suf- 
ficient regard for the needs of 
island residents and business 
travellers. 

The CAA -is required to con- 


sult the islands' Air Advisory 
Council about any applications 
that affect the islands, but need 
not take any notice of its recom- 
mendations. 

At next Thursday’s meeting 
the islanders will try to ensure 
that they have more influence in 
future over the choice of air 
carriers. 

The most radical step, which 
has some political support 
locally, would be for the setting 
up of an independent Channel 
Islands licensing body. 

However, it is expected that 
a compromise short of that will 
be found— perhaps by requiring 


CAA decisions to be endorsed by 
the island authorities. 

+ Hotels in Jersey have been 
advised to deep tariff increases 
for I9S3 to within 5 per cent 
following a virtual price freeze 
this season. 

The island's hotel association 
has recommended that bigger 
increases should only be levied 
if there has been an improve- 
ment in facilities. 

It also suggests that places 
where occupancy has suffered 
this season because of price 
rises, an increase for 1983 of less 
than 5 per cent might be advis- 
able. 


Financial Times Reporter 

THE THREE remaining cruises 
in the Canberra this year are 
sold out after what P & 0 
has described as a “deluge” of 
bookings. All the cruises 
have waiting lists, including 
200 people in the queue for 
the first, which will leave on 
September 11. 

“Since the Canberra's tremen- 
dous return from the Falk- 
lands, we have had an 
absolute deluge of calls, and 
bookings have overflowed into 
next year," said Mr Len 
Dunlop, reservations manager 
of P & 0 Cruises. 

P & Q had to cancel most of 
its flagship's cruises this year 
because it was requisitioned 
for service in the FaJJdands 
task force. The massive media , 
coverage the ship received 
while with the task force : 
attracted major interest, the 
company said. 

Cunard also reports strong' 
demand for the QE2*s first 
two trips after its reconver- 
sion from troopship duty with 
the task force. 


By Our Labour Editor 
A CALL fro mthe TUC to give 
British Telecom the major role 
in developing a cable TV net- 
work could lead to a dispute 
between two major unions. 

The Post Office Engineering 
Union and the Electrical and 
Plumbing Trades Union clashed 
earlier this week at a TUC 
conference on cable TV. 

The engineering workers 
want control of the network 
to be vested in BT while the 
electricians, with members in 
the independent cable com- 
panies, want BT to compete 
on the same terms as they do. 

After the conference, the 
TUC issued a statement criticis- 
ing the Government's rushed 
consultative process and warn- 
ing that it was on the brink 
of making “two major errors — 
with potentially damaging con- 
sequences." 

It forecast that the Govern- 
ment would adopt the “fast- 
buck approach ” of allowing 
uncontrolled private expansion 
of cable to undermine the tradi- 
tion of public control; and thar 
these short-term decisions would 
destroy long-term technical 
benefits. 

“All this means a major role 
for the public sector and parti- 
cularly British Telecom,” it 
said. 

Mr Roy Sanderson, the 
EPTU’s national officer, argued 
at the conference against the 
dominant role being given to 
BT. He said last night: "We 
can't accept it plays the major 
role, because of the damage 
that would cause our members' 
interests in the private com- 
panies. BT has not got a bril- 
liant technical record and it 
shouldn't have a monopoly." 

The 20-plus unions with 
an interest in cable agreed on 
BT as the major cable carrier, 
however. ' 


By Our Labour Staff 
A LABOUR council has 
approved a union-labour only 
clause for ail council con- 
tracts, just weeks liefore uch 
contracts become illegal under 
the Government's latest em- 
ployment legislation. 

But Islington Borough 
Council, in London, said last 
night it was not seeking a 
political showdown with the 
Government. Mr Chris Brom- 
ley. chairman of Islington's 
development and planning 
committee, said: “We are 
aware that when the Employ- 
ment Bill becomes law our 
contracts may become Illegal 
and when that happens we 
will be taking legal advice. 
Our response will be decided 
after ccnsaliation with other 
Labour councils." 

The clause was approved by 
councillors at the last full 
council meeting. It requires 
firms supplying goods or 
materials “ not to employ any 
manual workers in connection 
with that contract other than 
a member of a trade union 
affiliated to the TUC or 
specified by the TUC as 
eligible Tor affiliation." 

It replaces a clause which 
stipulated that a contractor 
should “recognise the free- 
dom of his works people to be 
members of trade unions." 

The Department of Employ- 
ment said yesterday that the 
new clause would become 
illegal once the Employment 
Bill was passed at the end of 
the year. 

“Any attempts to enforce 
such a clause by. for example, 
excluding a firm from a list 
of tenders, wonld be unlaw- 
ful once the Bill is enacted,” 
Mr Bromley said the new 
clause was introduced fo 
secure full value for money 


Expanded Sunday trading 


:8 05! UEUOa VO 


BY DAVID GOODHART. LABOUR STAFF 


THE FUTURE of Sunday trad- 
ing an Britain could be decided 
by the voles of 150,000 trade 
unionists who do not even work 
in the retail trade. 

The extension of trading lias 
been resisted until recently by 
an alliance of the Lord s Day 
Observance Society and the 
Union of Shop. Distributive and 
Allied Workers — the main 
union in retailing. 

However, at its J 2 St annual 
conference, the 42Q,CiOQ-strong 
union accepted an executive 
report which said that greater 
flexibility of shopping hours 
was inevitable. 

A working. party, set up after 
the conference, held its first 
meeting over the last two days 
in Manchester. Its report, due 
at the end of October . is 
expected lo recommend some 


liberalisation, bur any changes 
would have lo be endorsed by a 
bailor of the entire memebrship, 
which includes ai least 150,000 
workers in the food and distri- 
butive industries. 

After comments last weekend 
by Mr lam Sproat, Parlia- 
mentary Under-secrelary for 
Trade, in favour of round-the- 
clock shopping, the Usdaw work- 
ins Party is seeking a meeting 
with the Horae Office, which is 
responsible for enforcement of 
the Jaw on trading hours. 

According to a statement 
released by the. working party 
yesterday, the Home Office has 
said that there are no signs of 
change. The statement ex- 
pressed concern at the “con- 
tradictory attitudes" of the 
Home Office and the Department 
of Trade. 


THE WEEK IN THE WORLD MARKETS 


I". S'-' 
1 :f- 


come out to play 


. A * uite extraordinary week 
!□ toe markets 'has brought a 
complete readjustment of the 
price level in gilt-edged. On 
both sides of the Atlantic the 
idea that the long-awaited 
recovery is not, after all, around 
the corner has changed ideas 
about how far and how fast in- 
terest rates can— and indeed 
must— fall. 

Although the Bank of Eng- 
land made a half-hearted 
attempt to slow the decline in 
short-term rates, in leaving the 
long end of the conventional 
gilt-edged market completely 
untapped the authorities con- 
tributed in large measure to a 
rise of something like nine 
points in long bond prices. 

For the equity market, 
although failing interest rales 
clearly represent good news, 
depression docs not. The 
strength of Wall Street on 
Tuesday brought a 21 point rise 
in the FT 30-5hare Index; on 
Wednesday, but on the week as 
a whole gilt-edged were again 
the more remarkable invest- 
ment. 

Plessey profits 

A chairman reporting a 26 
per cent rise in first quarter 
profits might expect a kinder 
response than having 5 per cent 
clipped off his market capitalisa- 
tion. even on a dull day in the 
market. But that is just the 
greeting that Sir John Clark 
received on Thursday when he 
delivered Plessey’s three month 


LONDON 


ONLOOKER 


figures to July 2. 

At the pre-tax level the 

telecommunications and 

electronics group was ahead by 
£6}m to £31}m on marginally 
lower sales. That was not good 
enough for the analysts who 
started revising their full year 
forecasts downwards. The share 
price, which had risen by a 
fifth since the full year figures 
three months ago, immedia.tely 
jerked into reverse gear with a 
22p fall to SISp. 

The disappointment was that 
while the pre-tax figure might 
be confidently moving ahead 
trading profits were only 
£800,000 higher. Net interest 
received was making all the 
running with a £3.6m rise, 
thanks to Plessey’s cash pile 
amounting to over £200m on the 
last count 

One unpleasant surprise for 
Plessey watchers was tbe poor 
outcome from the electronic 
sys terns division. Profits there 
slipped by £lm to £4.5m and 
while that can be squarely 
blamed on a strike at Ilford, 
where was the growth from the 
rest of the business? After all 
electronics and aerospace are 
supposed to be the key to 
Plessey’s earnings growth until 


System X brings home the goods 
for telecommunications. 

It would be unwise to read 
too much into one quarter’s 
results, especially where 
defenee contracts are concerned 
and Plessey is looking for better 
things from the rest of the year. 
Yet if the group is tempted to 
splash out on a U.S. acquisition 
down goes the investment 
income which is underpinning 
the trading account. And with 
a yield of only 2} per cent the 
market Is looking to Plessey to 
keep up the earnings momen- 
tum. 

Auditing Howden 

John Bogardus. chairman of 
the giant U.S- insurance broker 
Alexander & Alexander Ser- 
vices, played bis cards close to 
' his chest this week. Unveiling 
a set of so-so second quarter 
re sutls for his group — net 
income of $12.5m compared 
with $ 12.8m. A & A gave details 
of the progress of its audit 
review into Alexander Howden 
Group, its problem U.K. sub- 
sidiary. 

So far the auditors, Deloitte 
Haskins and Sells, acting for the 
Americans, have discovered that 
Howden’s Sphere Drake insur- 
ance company and the Trent 
Insurance Company of Bermuda 
need a further injection of 
cash. Fortunately, they have 
discovered assets which will rise 
in line with the extra liabilities 
so there will be little significant 


PERFORMANCE SINCE JANUARY LOW 


F.T. Ind. Ord- Index 
AHied-Lyons 
BICC 

soc 

3TR 

Beecham 

Blue Circle 

Boots 

Bo water 

BP 

Cadbury Schwe ppes 
Cou molds 

Distillers 

Dunlop 

GEC 

Glaxo 

Grand Met 


Change since 
Y’day Jan. 5 High 

580.6 +415 594.0 

124} +54j 12S 

302 +» 360 

187 4-38 187 


187 +38 187 

334 366 

3 04 +90 304 

398 -106 550 

247 +54 247 

197 -21 263 

282 -20 324 

112 +27 112 

78 + 5 96 

201 +37 201 

63 77 

£10g + 2$ £11 j 

765 +347 800 

278 +97 278 


1982 

Low 

518.T 

66 

269 

144 

306 

214 

398 

193 

187 

258 

85 

73 

162 

61 

788 

418 

171 


GKN 

Hawfcer Siddeky 

ICI 

Imperial Group 
London Brick 

Lucas 

Marfa & Spencer 
P & O Defd- 

Plessey 

TJ. 

Tate & Lyle 
Thom EMI 

UD5 

Vickers 

F.T. All-Share 
F.T. Govt Secs. 
F.T. Gold Mines 


Change since 1982 
Y’day Jan. 5 High Low 

150 - 8 186 131 

352 +32 352 290 

292 + 4 350 270 

98 +28 106 68} 

112 +47} 115 70 

150 -57 236 131 

176 +51 176 125 

160 +36 160 124 

515 +162 547 345 


440 -15 


345.94 +3833 345.94 306.22 
78.13 +1634 78.13 61.89 

3033 + 13 3033 181.2 


effect on the net assets of the 
Howden group. 

Those assets which have been 
identified are reinsurance 
claims due from reinsurers out- 
side the group and “ other 
assets." What the other assets 
are, Mr Bogardus would not 
specify saying that the matter 
was ** a proprietorial affair," and 
something which no company 
would disclose. 

Yet again the Howden insur- 
ance companies are tinder 
reserved and Alexander and 
Alexander shareholders are not 
provided with any information 
to assess the scale of the prob- 
lem. Meanwhile. Howden’s 
financial controls are to be 
tightened by the Americans as 
the group probes other parts of 
the Howden empire. 

Although Howden has exten- 
sive Lloyd's of London interests. 
Lloyd’s is staying on the side- 
lines and is not planning its own 
review. “When you have got 
the chief fireman fighting the 
fire you let him put the fire oat,” 
says Lloyd's chairman. Sir Peter 
Green. 

Alexander and Alexander 
paid £150m for Howden earlier 
this year. It could prove an 
expensive fire. 

Level Unilever 

Nobody expected Unilever to 
maintain the momentum of 1981 
when profits ledpt upwards by 
24 per cent to £708.5 m, especi- 
ally after the first quarter of 
this year when the pre-tax line 
barely inched ahead by £l}m. 
So this week's second quarter 
results. showing profits £5m 
down to leave the full six 
months just 1 per cent adrift at 
£377. Sra. were accepted with 
hardly a murmur. 

Indeed the latest outcome 
looks surprisingly painless. The 
comparable period, the three 
months to June 'SI. was a par- 
ticularly buoyant one for the 
Anglo-Dutch giant with profit 
margins hitting the highest 
level for three years. Also the 
latest figures are struck after 
a £5m or so of restructuring 
costs in oil milling and Dutch 
meat interests. Add those back 
and Unilever has virtually held 
the profit line steady. 

One of Unilever’s biggest 
headaches is that its markets in 
Europe and North America are 
under considerable recessionary 
pressures and only productivity 
improvements in the industrial 
divisions are offsetting the 
shortage of demand for con- 
sumer Droducts. Developing 
markets have helped to support 
the profit line with West Africa 
remaining strong and so far 



import restrictions in Nigeria 
are yet to work through to 
damage Unilever’s reported 
figures ■ because of .the three 
month time -.lag on consolida- 
tion. 

The near term outlook far 
sales volume must inevitably 
be dull, especially in developed 
markets. Yet. in contrast to the 
Interim period when tbe group 
was making comparisons with 
a particularly impressive six 
months, the second half will be 
shaping up against the back end 
of 1981 when trading was far 
weaker as consumer spending 
turned down. So Unilever could 
still show higher profits for 1931 
as a whole though the gain is 
bound to be a modest affair in 
percentage terms. 

Royal Dutch/ Shell 

Second quarter figures from 
Royal Dutch/Shell took some 
sorting out this week. Reported 
net income of £380m — a fall of 
17 per cent — was certainly down 
on most expectations leaving the 
full six months off by a fifth at 
just under £SQ0m. But the 
results were struck after a sur- 
prisingly high £114m .deduction 
for stock losses. Adjust stock 
losses and profits out of the 
trading pattern and a second 
quarter profit of £494m emerges 
for the three months to June 
against £45 9m in the previous 
three months and £23Sm in the 
comparable period. 

That is a more meaningful 
path to adopt through the jungle 
of figures and underline just 
how much better Shell has fared 
than the U.S. oil majors whose 
second quarter results have 
been badly damaged by the cur- 
rent Aramco disadvantage: the 
Saudi crude on which they rely 
is for once more expensive than 
other sourses of supply. 

The large stock item demon- 
strates Shell’s opportunism in 
picking up some cheap crude 


shipments in the second quarter. 
These purchases . - Injected 
cheaper feedstocks into down- 
stream European, operations' 
enabling a substantial profits 
tumround, sufficient to account 
for all the advance in underly- 
ing earnings, On a “last in 
first out” basis Europe's down- 
stream operations swung round 
from a £13 5m loss to profits of 
£193m. 

That aside Shell has also been 
rather fortunate in presenting 
its figures. The weakness of 
sterling nicely offset the setback 
in North American and associ- 
ate dollar ea roiftfff ; 

Looking forward seasonal 
factors should help upstream 
operations towards better earn- 
ings though the future for 
Shell’s downstream activities 
looks less dear. Supply costs 
are unlikely to get any lower 
and selling prices are yet to 
show any convincing move for- 
wards. Still the market seems 
to be discounting full year net 
income of around £2bn for 
1982. The shares already ride on 
a premium rating to others in 
the sector and are unlikely to 
outperform any further. 

Welcome Royal 

Normally, a company report- 
ing an interim pre-tax profits 
cut of more than 50 per cent 
receives some rough treatment 
from the market. But investors 
have been positively euphoric 
over Royal Insurance's half-, 
year figures showing under- 
writing losses tripling from 
£30m to £94m and pre-tax profits 
slashed from £68m to £32m, 
figures that would be regarded 
as dreadful in absolute terms. 

These are not ordinary tunes 
for UK composites. Last week's 
interim figures from Commer- 
cial Union and General Accident 
were horrific, and the . market, 
more bullish recently. of Royal 
than of CU or GA, expected, the 
'woret ' . . 


NEWYORK 

- RICHARD LAMBERT 


IT HAS been an extraordinary 
week on Wail Street, and It will 
be some -lime berbre the full 
■ implications' of. what hasVhapv 
peaed. can.be assessed. The pace' 
-of activity has been' such, that 1 
! ab-one has had- a Chance io step 
back aid look,at-the big picture, 

| On WeonescLay, trading volume - 
topped. the previous record. ior 
a single day ay over 4t) percent 
‘ . HoWeVer, ;a' number of things 
are clear. The most important 
*is [that ttefinancial markets 
this week have adjusted to want 
looks like a decisive fail in 
interest 'rates, 'which extends 
from overnight ihoney right, buir 
to the very longest maturities, 
in the bond market J . 

. This faR has been encouraged 
by a' slbwer rate of 'demand for . 
business loans, -as companies 
adjust .themselves to ' faltering 
economic conditions. ..lApd it 
has been made possible. by the' 
more stance of 

the Federal itesen/e. BoaM. -A 
slower rate, of growth; in . the ■ 
- monetary aggregates given 
it room .for manoeuvre, and 
some serious problems in the - 
financial markets— such as die . 
collapse of;, a number of Gev^-. 
eminent security dealers+-h£ve 
given the Fed every reason; to 
ease up a bit. The discount 
rate was cut to 10:5 per - cent 
a week ago, and lots of people 
expect that ft wiU come down < 
again soon.;- ‘ T ' ■■■■ 

The-spread between yhflds 'act : 
the short and long ends the - 
credit markets now looks much; 
more ’ conventional than - it : did . 
a couple of months ago. 1 At the 
end of June, Federal funds were 
yielding roughly 14- per. and-— . 
and. 6o were long dated Govern^ 
meat bonds. Yesterday, ‘ the" 
Fed Funds Rate was tradi n g ' 
below 9 per - cent whHe long 
dated bonds were yielding more 
than 12 per cent . . . 

This step ■ down ' In ' interest 
rates has bad a dramatic impact 
on the! equity : market, ; where 
the average dividend yield a 
week ago was just over 7 per 
cent However, hot everyone 
is bullish. The . market was led 
up on Tuesday by heivy insti- 
tutional .busting, : reflected in - a 
record number of big- block 
trades. . 

But by . some accounts, . the 
general public ! has . not been 
stampeding into the . market 
this week. Several brokers say 
that they have had a lotr more 
retail inquiries . . than actual 
orders. There were' several 


waves of . heavy ieHing -through- 
out :tiie rally,' and the enormous, 
volume , of .activity on !Wednee- 
day! showed that the business . 
was by ho means dh^. way.' The- 
trails may not yet have made a 
complete ,brea!k through. ^ ■ _ 

.The' mood bn Street 

remains extremtdy nervous. 
This wag illustrated in.ujsteitl- 
lng way -on Thursday,' when 

rumours suddenly' swept lire 

financial' district that .a fagl****; 
had rub into serious PTOfeieans 
! a result .of JJ® exposure .to- 

Mexico ' .7 ' Sharea . . fell ; 

sharply, ' V. * 

• EnvpjUprft liavE- ri^tlyyOftv 
come -concerned' about tiie' : 
question . or crisdit- quality and 
risk. .When toe scary rumours- 
were - doing 1 '-, the • roun<&. on- - 
Thursday, -the ! yield oh toree- 
month Treasury Bills dropped, 
.by roughly , one point, one of 

toe steepest’! declines on record. 

'. It fell to' under . 7 per cent, 
compared wito over 84 per cent 
at toe regular .[Treasdry auction, 
a few days ago,, and roo^dy . 
40 -per. cent a week earlier. , 
Buyers were prepared to sacra- 1 
fine a good khcfr of -income — as ■ 
well as toe hope of capital gains- ■ 
-on longer.: dated .. stocte—in I 
order toget toe hacking of good : ! 
eld Unde. Sam. - r . -- • \ :t - ' - 
; This concent with, quality has 
- also been evident.Tn toe .equity, 
-market -The Dow Jones indus- 
trial-average, which is made up 
iff 30 big blue - chip . companies 
has 'nxoyed up more .sharply 
-than toe. more broadly- based 
equity indices 1 and even among j 
toe' big -companies, - there have , 
been some widely .- -different 1 
movements in share, prices. For 
instauoe,the price- of U.S. Steel- 
ipse by- around 15 per Cent in 
toe .first four days, of !toe week, 
whereas •'Betblehep*.; Steel barely 
mov^ higher at . ali! 

Equity investors obviously 
have to move very -carefully in 
suoh volatile conditions. - - - ' 

. On balance, ■ " equities ^-Jook 
-mare attractive than they did a . 
month aga.Tba faU in interest 
rates is good: news- far toe 
economy; and hasf changed for i 
. the - better : ' the -.retettonsirip • 
between' 1 equities and: bonds.-'If, 
as Dr Henry Kaufman hefleves, 
toe -yield: oil; tongtersf bonds is 
going to-JalTas+ow as 5 per cent 
in -toe, next 12 months,' then 
there- are a lot . bf -good quahty! 
shares- now lyiel&njr around 5.. 
per cent' whichcouid beuset- for 
useftdr.girlna, :.But the, emphasis 
has to be on top -class con^anira - 
with, .rode solid .balance .sheets: 
and’ good dividend' bdvefk, ■ 


MONDAY - ^ 7924J J' +438. 

TUESDAY-' • *3134' ^+3t31 
WEDNESDAY ; 829A3 ; ' -^31 
THURSDAY:: 333S7 \.+9J4 


Li _ . 

i 0 


M "• 


‘M : 

r‘ ‘ 
.■ % 

»'• 

i & :- 

! <i\ 


Almost the Lone Ranger 


LONDON 


MINING 

GEORGE MiLUNG-STANLEY 


“WHO WAS THAT masked 
man?", the townspeople asked 
each other, as the Lone Ranger 
galloped towards the sunset 
astride his horse Silver. 

Once more the masked adven- 
turer had performed feats of 
derring-do in the face of ap- 
parently insurmountable odds, 
and was off to take a well-earned 
rest. 

A Sanger of a different kind 
put up the best performance in 
the mining world this week — 
the uranium mine of that name 
in Australia’s Northern Terri- 
tory. 

In its first year of operation, 
ending on June 30, Ranger made 
attributable profits of AS37.S6ra 
f£22m) for its operating com- 
pany, Energy Resources of Aus- 
tralia (ERA). 

With sales of , AS146ra 
generating a return of 
AS1 10.65m before interest, 
depreciation and tax. the profits 
would have been even higher 
but for the heavy interest 
charges payable on the substan- 
tial borrowings needed to 


develop the mine. 

Interest costs were the main 
burden on the new operation, 
accounting for no less than 
A$48.05m. 

In production terms, the mine 
has done extremely well over 
the past 12 months. Ranger did 
not really hit its stride until 
September last year, when the 
Jabiru treatment plant was 
commissioned. 

Nevertheless, the year’s out- 
put was 2,677 tonnes of yellow- 
cake (uranium oxide), against 
a rated annual capacity of 3,000 
tonnes. Over the past three 
months of the year. Ranger 
actually exceeded its production 
target Output was 840 tonnes, 
which represents an annualised 
rate of over 3,300 tonnes. 

The mine looks to have a long 
and healthy future, with con- 
tracts running until 1996 cover- 
ing the supply of a total of 
30,648 tonnes of yellowcake to 
customers in Japan, Germany 
and Sweden. 

A first-ever dividend of 4 
cents a share was declared, 
which will be welcome news for 
the two biggest shareholders, 
EZ Industries and Peho< 
Walls end. Both these companies 
have had considerable problems 
with virtually all of their other 



33MD 


We said . . . 

BUY WALL STREET NOW! 

Hew many people give you advice as -specific as 
that! On 24 July the Amateur Chartist said 
that Wall Street was “as cheap as it has ever 
been since the ending of World War 2 on | 

7 August “we will not look a gift horse in 
the mouth . . . some of the world's largest 
companies, in the world's largest stock market, 
are not only cheap, they are bombed out . . . 

Hitting the exact low is a game for fools, played 
by Iran and of little or no Interest to the 
prudent investor . . . (Wall 5treet) is a 
strategic BUY." Just 10 days later the Dow 
Jones Index rose 33 points in a single session, its bese ever. If you 
want advice like that and the best '* check " on fundamental invest- 
ment analysis that we know of— information can often be wrong, 
at we all know to our cost, bur charts don’t lie. they clearly point 
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could save you a lot of money, write to us today for details of our 
Free Trial Offer. 

PS You’ll also get our all-important view on the London market, 
that could be very interesting. 

AMATEUR CHARTIST, 3g Fleet Street, London EC4Y 1AU. 


m 


operations in recent months, 
and their holdings of 30.5 per 
cent each in ERA will give them 
a healthy slice of income. 

Just when things seemed at 
their stickiest for the Lone 
Banger, his faithful Indian 
companion Tonto always seemed 
to turn up in time to tip the 
balance in favour of good 
against evil. So it was with this 
Ranger, with none other than 
Australia's Labor Government 
of the mid-1970s playing toe 
part of Tonto. 

In response to trade union 
and environmentalist pressure, 
the administration declared a 
moratorium on new uranium 
developments, which delayed 
the exploitation of toe Ranker 
deposit for some considerable 
time. 

In order to allow them to meet 
their contractual commitments, 
the government allowed pros- 
pective producers to draw 
yellowcake from official stock- 
piles, and this was sold at 
around the then prevailing price 
of something like U.S340 per 
pound, with the government 
holding the proceeds against 
eventual replenishment of toe 
stockpile from new production. 

Ranger repaid some of its 
stockpile "debt" last year, and 
received not the current 
depressed free market price of 
around U.S.$2S, but something 
more in line with tbe high prices 
of six or seven years ago. ERA 
picked up nearly A$30m from 
this source last year, and ex- 
pects a further ASISm or so in 
toe current 12 months. 

Tbe delay in starting the 
Ranger operation had another 
beneficial effect Most of the 
production is tied up in long- 
term contracts, negotiated 
several years ago when the spot 
market price was much healthier 
than it is today. 

Ranger's customers need not 
feel aggrieved that they are 


paying more for their yellow- 
cake than would be necessary 
on the free market, however. 
In the first place, they are 
guaranteed delivery of fixed 
amounts at firm prices for long 
periods, and in any event they 
benefit, as shareholders in ERA. 
from any profits the mine 
makes. 

In addition to EZ Industries 
and Peko-Wallsend, the 
Australian public bolds 14 per 
cent of the equity in ERA, 
making up the Government’s 
requirement that uranium 
ventures must be at least 75 per 
cent-owned by Australian 
interests. 

Tbe remaining 25 per cent is 
shared between the eight 
biggest overseas customers for 
Ranger’s yellowcake. 

In the light of other recent 
mining company results to come 
out of Australia, most of which 
have been disastrous, ERA'S 
performance must rank as one 
of the best corporate efforts this 
year. 

Another metal producer from 
a similar part of the world 
notched up a ” first ’* this week, 
but in the case of Rio Tinto- 
Zinc group's big Bougainville 
Copper in Papua New Guinea, 
the event was by no means a 
happy one. 

Hit by low prices for its 
copper and the important by- 
products gold and stiver. 
Bougainville turned is its first- 
ever loss in 10 years of opera- 
tion. 

The net loss for toe first half 
to June 30 was Kina 14.64m 
f£I1.3m). which compares with 
a profit last time of Kina 14.79m- 
Bou^ai mi lie's chairman. Mr D. 
C. Vernon, warned that the com- 
pany is. not expecting any sig- 
nificant upward movement in 
metal prices over the remainder 
of the year, and ihus further 
losses are in prospect. 


TIN OUTPUTS COMPARED 

Same 

Total period 
Joly June to dale previous 

1982 1982 (months) year 
tonnes tonnes tonnes tonnes 
Amal of Nigeria (columtnte) ... t 6 12 (3) 32 

Amal of Nigeria (tin) t 99 339 (3) 366 

Aokam 133 97 • 133 (1) m 

Ayer Etimn 120 H8 120 U) 88 

Berfuntal 233 243 783 13) 920 

CRM Sri TlmaJi 52$ 39} 369 <7> 401 

Grevor* 116 122 457 (4) 471 

Gold and Base (tin) + r gi <s> 86 

13« 1,494} <10> 1,381 

Ramon Ung 12 13 53 (4) 47 

Klnta KelLas * * 72} (2) 731 

Malayan 637 660 637 <i> 682 

Pahang S3 65 1,021 (12) L229 

Petallng 39} 43} 691 (9) 678} 

Kahnum 75} 107} 75} <i> iso j 

St Plrajt— Far East 4 4 19 (4> 55 

St Pi ran— UK (Sooth Crofty)... + 171 481 (3) 475 

St Pi ran-— Thailand 28 36 133 <4j 263 

Sungei Besi 87 SI 316 (4) 315 

Tanjong 11} 10} 69} (7) HQ? 

Tongkah Harbour 24 32 24 (1) 28 

Tronoh 52 48 314 (7) 351 

“ Figures include low-grade material. ? Not yet available. Out- 
puts are shown in metric tonnes of tin concentrates. 





— a*®*; ¥>' f - lu ‘ ->• All 


OKYO 
£ 


uiBBSSL 4 aLI 

flHHH 
IJHMBE M^m 




1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1914 1975 1976 1977 1978 .1979 T980 1981 . 1982 


Duncan Campbell-Smith looks at the markets round the world 

A strong wind for August 


AUGUST IN the financial 
markets, as everybody knows, is 
the quiet month— bachelors and 
youthful skeleton crews man- 
ning the telephones while over- 
worked department heads catch 
a month’s reunion with their 
families somewhere in the sun- 

Wall Street's activity this 
week exploded on the markets 
of the world with a bang loud 
enough to reach all bnt the 
remotest of sun-soaked beaches. 

Individual markets reacted 
very differently. Tokyo and toe 
Australian stock markets, for 
example, woke first eacb day and 
greeted the overnight news 
from New York on Wdenesday 
and Thursday with almost 
sleepy disdain. 

Perhaps the majority includ- 
ing London and several smaller 
markets like Singapore, saw 
prices rise quickly on the back 
of Wall Street’s frenzy— then 
watched them back and fill as in- 
vestors betrayed a deeper 
unease over tbe economic reali- 
ties. . 

In just' a few down-in-the- 
d a raps markets, notably Hong 
Kong- and Frankfurt the news 
from the U.S. fuelled a power- 
ful recovery already Ignited by 
domestic factors early it! the 
week. 

But whatever tbe reaction, 
every market' • was disturbed. 
Like an unholy commotion on 
tbe heach. Wall Street’s UK* 
timely stir excited a new alten- 
uess oh ' ail sides. Rumours 
flew about in a manner most un- 
becoming to toe month. 

From 'east to- west, the 


rumours grew more ambitious. 
In Hong Kong a second line 
property developer was said to 
be failing. It wasn't. On the 
Continent by Thursday there 
was talk of the French franc 
leaving the European Monetary 
System. It didn't. In the Euro- 
markets, almost anything 
seemed possible for Mexico. 
And it still does. 

All of which, in turn, gave 
technical analysts of the gold 
market a field day. 

The price of gold in London 
rose just over S45 an ounce 
over the week, closing yesterday 
at S384.25. The technicians pro- 
claimed a breakout, with gaps 
filled and average price tines 
breached— the first convincing 
upward move, said one broker, 
in £wo ; years or more. 

“ Always buy gold early in 
August.” said Dr Fred Colien- 
der yesterday. A close follower, 
of the yellow metal and consul- 
tant af Strauss Turtibull;' Dr 
Coilender could have been for- 
given a note of smugness. 

But he was sticking modestly 
to toe facts as he sa!w them. 
The free world new production 
this year. 950 tons. Jewellers’ • 
demand, most of It arriving: now 
for pre-Christmas manufactur- 
ing: 800 tons. Industrial . de- 
mand: 200 tons. Coinage 1 
demand: 200 tons. Market 
impact: excess demand amL. 
higher prices. 

It all made the world's equity 
maricets sound positively per-, 
verse in their unpredictability. 

None is less predictable, timn 
Hong Kong. Having readied a ' 


26 month low on- Monday, the 
Hang Seng' index shot up in 
heavy mid-week trading — 
especially considering that 
Wednesday is a half-day for 
the Hong Kong' market' — and 
closed cm Friday at L034.6& up 
4 per cent on; the week even 
after substantial profit taking; 

The other big gainer this 
week in terms of overati' senti- 
ment as well as bare faced mar- 
ket indices was Frankfurt 
Monday, saw share prices at- a 
seven-year low and still gloom- 
ily over-shadowed by fears of 
bankruptcy at AEG, 

Days later, the. ailing 7 elec- 
trical giant — toe .correspond- 
ing . initials' AEG were a ' droll, 
summer joke — seemed to have 
survived its immediate crisis at 
least and toe market! was. look' 
ing- forward tfrneiws of interest - 
rate cuts from the Bundesbank. 
Shares moved up with the 
volume of trading more Hy»n 
twice its 'daTy'avarage in recent 
weeks. . "■'/ . ■ 

Some better fundamentals at 
home might have helped the 
markets in London and Singa- 
pore to advance less nervously. 
Professional- dealers in both 
centres sounded less . than 
wholly convinced that:, their 
rallies would .prove * to have 
much stamina.;".;.-.'.. 

Nevertheless^!' ‘ toe ••'Straits 
Times Industrial ^ Index .-rose 
again yesterday- to’ dose -at- 
600.29. a gain:of‘36.T2 over the 
week. And London kept going. 
In spite of “ a bone idle day " 
pri.Ttoirsday.; as. one ‘ jobber 


' described; if, ". and “too much 
huff and puff ^ said o'de senior 
broker. .. . . f -. ; -. 

:. Even huff-ami puff was absent 
from toe Sydney and. Melbourne 
stock, markets, . with -daily aver- 
age turnover' amounting to 
A?15m > on ,■ both.: together for 
much of the weak—a very, low 
volum&-Gqld : shares moved up 
briskly. 'Otherwise there was 
little:, to.: distract . brokers from 
worrying speculation about toe 
chances of an electkm and the 
upsetofa Labour Party victory. 

The Australian dollar has 
slipped. 13 per' cent 'against the 
U.S. dollar', j)ver the last year 
so exchange' markets were be- 
ing watched, closely.. The same 
^applied • in Tokyo, where even 
"the promise of an appreciating 
yen failed to: prompt much acti- 
vity in the ! -stock market— 
brokers searched in vain for the 
expected arrivaL of more, for- 
eign inyestore-^mdjthe. dollar’s 
■decSne was ’ toe only real in- 
terest of- toe week. The Nikkei 
Bow Jones dosed at Y8.968.46, 
against : Y6, 927.69- -en- the pro- 
rious Friday dose, 

. “ We are hot. taking the posi- 
tion that this is an opportune 
moment; to build . up positions." 
explained a slightly apologetic 
Japanese broker in London 
yesterday. 1 It was charming 
Jtotewpeak for Stay Clear and 
it reflected, in a curious way 
: the perplexed mood df prof es- 
monals r in : most of the world’s 
markets— mreasy-about toe pre- 
text out happy for the business 
even in August . .. 1 














Financial Times Saturday August 21 1982 


\ 


YOUR SAVINGS AND INVESTMENTS 



U);. - ' • ■ 

Rosemary Burr looks at unit trusts and portfolio management 

Pitfalls for unwary investors 


TTH OVER 500 unit trusts, 
ivestors can be forgiven for 
?ing overwhelmed by con- 
firm. The rapid growth of 
wcialised trusts has placed an 
icre3Sing burden on the 
idividual who all too fre- 
uently must now try and 
tdge the right time to switch 
*om one specialised, trust to 
nother. 

Not surprisingly a small but 
rowing number of unit trusts 
roups now offer a unit trust 
tanagement service. These 
roups will for a fee manage 
.ivestors' money and select 
/hat they perceive to be the 
ighf mix of uDit trusts at any 
rie. time. 

The idea sounds fine in 
•risciple but in fact there are 
nariy pitfalls for the unwary- 
•'irst. you will find yourself in 
nost cases paying twice over 
or the management expertise 
*f a particular group. Second, 
nost groups only plac« the 
noney in their own trusts and 
groups have star perfor- 
ners in all sectors of the 
narket 

Third, in spite of the fact 
iat in most cases an investor’s 
noney is simply moved about 
within the group there is still 
* switching fee charged, albeit 
jsualiy a reduced one. Fourth, 
it is very difficult to assess 
accurately just how good or 
bad a unit trust group is at 
managing individual’s funds as 
no performance figures are 
available. 

In spite of these pitfalls, 
some investment advice may 
be better than none. So it is 
not surprising that reacting to 
requests from investors for 
help two unit trust groups, 
Fidelity and HK Unit Trusts, 
have in recent months set up 
advisory services. 

The latest newco-mer to the 
sepne is Fidelity International, 
part of Fidelity Organisation 
in Boston, which launched 
Fidelity Portfolio Management 
Service in the first week of 
August. The minimum invest- 
ment is f 10,000 and the 
charges are * per cent plus 
VAT per annum nn the first 
£50.000. a } per cent on the 
next £50,000 and charges sub- 
ject to negotiation for higher 
amounts. 

If you go to Fidelity armed 
with a portfolio of trusts from 



NUMBER OF 
.^AUTHORISED 
“tUNITTRUSTS 


ioofc 





Towards the 
cashless society 


FUNDS UNDER 
MANAGEMENT, 



other groups, you probably will 
not find alLypur money shifted 
straight away into the group’s 
funds. Fidelity admit 
“eventually we will want to 
get the money into Fidelity 
funds.” 

Fidelity does not have a 
commodity fund nor anything 
invested in Europe, so should 
the group decide these were 
the’ best places for your money 
they would have to invest in 
other group’s funds. 

At the moment Fidelity says 
it “ is investing as much in 
America as in the UK." This 
will be done through the 
group’s newly launched 
Fidelity American Income 
Trust now yielding 9.5 per 
cent. 

When it comes to switching. 
Fidelity’s terms compare 
favourably with other groups. 
There is a 3 per cent switching 
discount and a special 1 per 
cent initial discount for users 
of the service. 

HK Unit Trust Managers has 
already attracted £lm into its 
advisory unit trust service 
which has only been operating 
seven weeks. Mr Guy Croft, the 
group’s managing director 
says u we see it as a major 
push. We are running it 
parallel with our private client 
portfolio service." 

The charges are £100 plus 
VAT per annum on tbe initial 
investment. Money is invested 
solely in the group’s own unit 
trusts. There is a 2 per cent" 
switching discount. The service 
is geared for people with 
between £10.000 and £50.000. 

Hill Samuel, which started 


offering a similar service this 
spring also has £lm under 
management in this form now. 
The minimum investment is 
£15.000 and the fee is £100 
plus VAT per annum. Unlike 
Fidelity and HK Unit Trusts, 
Hill Samuel is prepared to put 
up to 25 per cent of its clients’ 
money in trusts run by other 
groups. There is a 2 per cent 
switching discount when swop- 
ping between trusts within tbe 
Hill Samuel group. 

If you are looking for ’a 
group which is prepared to 
spread your money around 
more liberally among other 
unit trust management then 
Hendersons may be the answer. 
About £5m is invested in its 
uit trust advisory service, now 
17 months old. 

The charge is £100 plus VAT 
per annum and there is no flat 
rate of discount when switch- 
ing. The group merely says this 
is a matter “ of negotiation." 
The minimum investment is 
£15.000. 

Henderson's David Brown, 
managing director of personal 
financial services, says "at no 
time is over 40 per cent of any 
porfolio in any one group. 
There are always Investments 
in three different groups.” 

The current policy according 
to Brown is “ about 10 per cent 
in gilt trusts. 55 per cent in 
UK growth funds, 20 per cent 
in the U.S., 10 per cent in 
Japan and 5 per cent in cash." . 

The grandaddy of them all is 
run .by Britannia which says 
“we are not yet aggressively 
marketing the service.” The 


minimum investment is £10,000. 

In. 'terms of fees Britannia 
comes up trumps. “ There is no I THE MOST engaging feature of - card and agree the credit limit 
fee as such just the underlying | t he ubictuilious electron Is Us and that the PIN the customer 
management fee. 

Although the group does not 
jule out investing in other 
people's trusts it says ” with 33 
authorised trusts we have signi- 
ficant breadth.’’ There is a 2£ 
per cent discount on switching 
fees. 

Another plus for Britannia 
the group. said “if a client is 
keen to have a very active 
managmeut we will take this 
into account." This contrasts 
with a statement from Hender- 
sons which says “ we have 
been operating just over a year 
maintaining the £awe Invest 
ment stance” 

A crucial question Is how 
actively managed your port- 
folio of trusts will be. For 

these groups the sums under [‘used to be advertised as 


ability to serve as universal cur- types In is bona fide. 

rencj ' ! The smart card is part of 

Currency is no idle word. Pat- France’s present infatuation 
terns of electronic pulses can be with high technology. Other 
recognised by computers as countries have Taken more 
words, pictures, colours, sounds prosaic approaches to paying 
— and even hard cash. without cash. In the UK this 

Philips, the Dutch electronics week ‘ for example British Tele- 
giant, announced earlier this ™ announced that Harrods, 
week that trials of its “smart" Selfridges. Harvey Nicholls and 
pluscic card will in Rcsd will be among the 

France in the autumn, ushering fi I st t0 ‘ insta ! ‘‘transaction’’ tele- store to bank are installed, 
in a new phase in progress phones, special telephone which The French smart card, how- 
towards the “cashless” society, automatically ring a. credit earn eVer , Q ^ aVi& the intriguing pos- 

What Philips (and v indepen- BaiSa^ard^d Amax^in titis Sfcmc* 3 01 phcLD = ° n 

denily. CII Honeywell Bull and case — to check if a card sub- , , 

Sehlumberger) are proposed is mitted iri payment is valid, hot A sraart car * could be loaded 



systems which 


management in advisory 
services are a mere drop, in the 
ocean. The temptation must be 
to look ar them on an ail hoc 
basis,- perhaps when a new 
fund is launched. 

Investors who are unhappy 
about the idea of placing tlieir 
money in a unit trust group’s 
discretionary service may pre- 
fer to go for independent 
advice. Of course, there are 
no guarantees the quality will 
be better here but the con- 
straints and temptations are of 
a different nature. 

Your stockbroker will prob- 
ably be able to help you or 
you could try the big City 
firms such as (topel-Cure Myers 
and Hoare Goveti. both of which 
run a unit trust advisory 
service. 

Whoever you choose do make 
sure how much they will 
charge, what leeway they have 
in investing your money and 
how secure - your investments 
would be in the unlikely event 
of fraud or the firm being 
under financial pressure. 


the highest of hi«h technology listed as " stolen, within the 
approaches to plastic money. users’ credit limit and in agree- 
Tiny electronic calculators ment with the potential cus- 

toroer'<? PIN. 

Such devices are already in 
■widespread use in the IT.S. 
where- a multitude of experi- 
ments in cashless shopping 
■(electronic funds transfer ai iht- 
poinl of sale, or EFT/POS as 
they call it) have been carried 
out over the years.' 

The . British clearing hanks 
have agreed, after some years of 
dithering, to a common 
approach to plastic cash, but 
there Is some wav to go to 
development and letting before 


no 

bigger than a credit C3rrt.” The 
Philip's dt-vice incorporates a 
tiny electronic calculator, micro- 
processor and memory, within 
the domensions of an ordinary 
plastic card. 

The card is instructed at the 
time of issue with its owner’s 
personal identification number 
(PIN) aud with ihis or her 
credit limit. 

The card can be used to make 
purchases in stores equipped 
with devices which can read the 


at issue with a given sum of 
money, which is reduced appro- 
priately each time a purchase 
is made. When it is empty, die 
customer goes to the nearest 
ban!: dispenser and recharges 
it according to his means and 
his bank manager's disposition. 

Then there is banking at 
home. Using a telephone, a tele- 
vision screen and home com- 
puter, one can at present (if he 
is a customer of say Ver- 
bratirhcr Bank in West th-rmunv 
or Citibank or Chemical Bank 
in the V.S.) check his account, 
nude payments and so on. 

Beady cash is nor easily dis- 
tributed down a telephone line; 


but using a special computer 
in the customer’s liuine, the 
electronic equivalent of pound 
notes, could be directed down 
the telephone line to recharge 
a smart card. Given ibe level 
of telephonic inierference. how- 
ever, this service may wait on 
the installation of fibre optic 
cables. 

Is there a ease for a truly 
cashless society? After all, to 
make a valid purchase, all the 
retailer has 10 know is that you 
are who you say you are and 
that you have the cash, or your 
bank manager’s permission, to 
spend it. 

Voice or signature recogni- 
tion equipment could provide 
identification, an automatic tele- 
phone call io your bank might 
verify yon have Die funds. The 
days of the PIN may be num- 
bered. 

Alan Cane 


The real cost of your mortgage 


1 

Funds under 
management 
in £m 

Management group 

at end 1981 

Britannia 

306.5 

Henderson 

264.0 

Hill Samuel 

2125 

Fidelity International 

36.8 

HK 

10.0 


FINDING out the real cost of 
your mortgage should be easier 
in the future. Sir Gordon 
Borne, director general of the 
Office of Fair Trading, has 
taken the bit between his teeth 
and recommended that building 
societies in common with banks 
should include Die annual per- 
centage rate of their loans. 

As we have argued in the 
past the current position — with 
building societies exempt from 
the obligation to tell borrowers 
the true cost of their mortgages 


is given a status it does not 
deserve and there is a danger 
people might be slightly misled 
by it. It is only a rough guide 
to rhe cost of credit and you 
need to be an actuary to under- 
stand it." 

At the moment the banks are 
required by law to quote the 
annual percentage rate on a 
mortgage in advertisements 
whereas building societies only 
state a fiat rate. 


charge you interest for the 
whole year on the amount out- 
standing on day one whereas 
the banks tend to work out the 
payments an 3 reducing balance. 
This means that although the 
banks and budding societies 
may charge the same flat rate, 
the APR from mw societies 
will be higher than that of the 
banks. 

Not surprisingly the Banking 
Information Service, which re- 


Tiie APR is the amount of presents the clearers, was very 
interest due as a percentage of pleased with the GFT’s recum- 
The sum outstanding plus any mendation. “The banks are 


is nnsiipporiable. Obviously fees charged by the lending delighted with ihe news that 


Source: The Unit Trust Yearbook 
7982. Published by Finjncul 
Times Publishing 


Check list 
for Isle 
of Man 


NEXT WEEK an angry army 
of small depositors in the 
failed Manx bank, the Savings 
■ and Investment Bank (SIB), 
will meet to try to salvage 
. some of their money from the 
Isle of Man’s biggest banking 
collapse. 

The case is important since it 
it the first time in recent years 
that a. sizeable number of small 
; depositors have stood to Jose 
money from the collapse of a 
bank. Whatever tbe outcome of 
the meeting, the SIB affair 
holds a number of pertinent 
lessons for small bank 
depositors. 

• The first point which needs 
to be made about the SIB affair 
is that its depositors are not 
covered by a deposit protec- 
tion scheme. It is not a UK 
bank because it is registered in 
the Isle of Man, which is finan- 


a* 


' - .-y'V *. ’.? w Vt ‘ ” * }’ ' 1 '" ' v 

■ ^ ^ %.! If * • .* * j • " 





institution adjusted for the fact the building societies will now 
interest is paid monthly. The be required to present interest 
flate rate, in contrast, represents rares in the same way as the 
the amount of interest due as a banks. This will allow 
percentage of the sum oulsuind- customers tu make valid com- 
ing af the start of the year and pari sons between the ' rates 
The Bi uldin^ Societies Asso- is not adjusted to reflect the offered by various institutions." 
elation is against tbe move say- timing of interest payments, 
lng “the annual percentage rate Most building societies 


it will lake some time, possibly 
a year, before Sir Gordon’s 
recommendation,, now on the 
desk of Dr Gerard Vaughan, 
the Minister for Consumer 
Affairs, is enforced. 



R.B. 


Sir Gordon Borne 


Tax and foreign earnings 


ciaJly independent from tbe 
UK, and bas its own banking 
legislation. 

• The second point to watch 
when depositing money in a 
bank, especially one which is 
several hundred miles away 
from your home, is tbe name of 
tbe bank. A handful of small 
institutions sometimes trade 
under names which are very 
similar to those of well known 
international banks. 

To avoid confusion always 
ask who owns the bank, how big 


it is in terms of assets and how 
many branches it operates? Size 
is not everything by a long shot, 
but it helps. 

9 A third point is to remember 
not to be too greedy. Some 
small banks pay a sizeable 
premium for deposits over other 
hanks. This might be because 
they are more efficient but it 
also might reflect the fact that 
they are a higher risk venture. 
Think before placing money at 
the highest rates. 


• The fourth point is bank 
secrecy. Some banks attract 
customers because they promise 
to look after their money away 
from the prying eyes of the 
various tax authorities. 

• The final point, which should 
be self evident, is do not entrust 
your life's savings to one insti- 
tution. Spread the money 
around. And give some thought 
to the quality of the institution 
with which you deposit the fund. 

William Hall 


Rosemary Burr looks at uncertainties in Australia 

Trapping a koala bear , but not yet 

But tbe key question for in- rency is weakening, inflation is than a third of Gartmore's £6m 


PICKING THE bottom of the 
Australian stock market is as 
difficult as trapping a koala 
bear. Investors who put their 
money into the Sydney Stock 
Exchange over the last year 
in the fond hope the . market 
had bottomed out have seen 
their funds dwindle. 

This week Britannia, one of 
the country’s largest unit trust 
groups, launched its Australian 


vestors remains one of timing, around 11 per cent, corporate 
There have been so many false profits are worsening, consumer 
dawns in Sydney that analysts demand is weakening and the 


find it hard to put their hands 
on their hearts and say the 
market is bouncing along the 
bottom. 

Britannia’s Dennis Finning, 
the director iif charge of Pacific 
Basin activities, admits "right 
now everything looks pretty 


Growth- Trust' an authorised .horrible in Australia He be- 
unit trust aiming to maximise beves now * a good time to 


Australia Fund is currently in 
sterling. The Australian share 
portfolio is concentrated in the 
resource sector which largely 
explains the fund's poor per- 
formance since its launch. One 
thousand pounds invested nine 
months ago is now worth £CS0. 

David Clark of Potter 
Partners argues "The domestic 
fundamentals are almost 
entirely negative suggesting we 
may be close to the bottom of 
The marker." Apart from the 
lack-lustre domestic economy he 
points to the “ increasing proba- 
bility " of an early election as a 
possible bearish factor. 

Overall Clark thinks anil- 


farm economy has been hit by 
a drought.” 

As if this litany were not 
enough the Government’s per- 
ceived dalliance with an autumn 
election could knock another 
few points off the market. As 
Finning explains it is not simply 
that if Labour is elected the 
market is likely to fall, but 
■ j , mict ac tho also the slightest hint of a 
capital growth. Peter Baker, a start an Australia tr Labour victory in the opinion 

Britannia director, admitted group will be • v J po polls is usually enough to sour 

the fund would not appeal to spring into Mtam the mar- sentim ’ ent _ 

those who look at “short-term ket begins to mot r. Alan Wren, a director of 

historic performance." The Until then Britannia is im- (jartmore, tire unit trust group 
group's Jersey-based Australia likely to invest unit holders’ -which launched its Australia 
fund, aimed predominantly at money in Sydney. The group is F U jjd Jasi November, also thinks podean investors could be in 
non-UK residents, is down by not anticipating a flood of Sydney is not quite ready to for a bumpy ride; “on the short- 
48.4 per cent in the six months money and will probably only roar ahead. In particular he term fundamentals the market 
to July 31. start building up a share port- highlights speculation over a looks as if it could weaken, al- 

Peter Baker thinks the Aus- folio, when tbe trust has reached September election and further though any sustained strength 
+ratia n mnrfepf has “ verv aood around £350.000. weakening in the Australian in base metal price would help 

recovery potential" and that ' Finning says “ we don’t-really dollar as two reasons why the a recovery." 
investors should have had about expect the money to pur in as Jong-herafded recovery is sttil So despite the mid-week rally 
10 to lS-per cent of their monev the Australian markets have some way in the future. in sympathy with Wall Street’s 

in the Pacific Basin area if they performed appallingly, the eco- With these provisos in mind rapid rise, there are enough 

are lookhm for cabital erowth. nomy is in recession, the cur- it is not surprising that more uncertain lies clouding the 

— — Sydney horhion to make people 

cautious. However most com- 
mentators not surprisingly think 
the market, more than a third 
off its November 1980 peak, is 
nearing the bottom. 

David Clark in particular 
suggesis “the darkest hour pre- 
cedes the dawn." Investors, how- 
ever, may like to wait for the 
first rays of sunshine before 
committing themselves to a 


- Deposits of El.000-E50.000 accepted for fixed tenns of 3-10 years. 
Interest paid gross, half-yearly. Hates for deposits received not later than 


Terms (years) 

3 

4 

5 

B 

7 

8 

s 

10 

Interest °i> 

1014 

ao*.' 

11 

ms 

nw 

11J4 

11?* 




A non-resident for UK tax 
purposes, working abroad, can 
visit Ihe UK in accordance with 
the 1R 183/90 day rule- 
Does the number of days 
already spent in the UK prior 
to original departure affect the 
183/9(1 day rule vis-a-vis the 
balance of this original tax- 
year absence? Also, ore 
subsequent years Influenced by 
this number of days wben 
calculating the average number 
of days spent in tbe UK over 
a number of lav-years? 
Similarly, on returning to the 
UK and resuming residence, 
how is ihe partial tax-year, 
to this point, applied in 
calculating the same average 
numbers of days? 

The appropriate JR 20 booklet 
is silent on these points, and 
your inierpretation would be 
most gratefully received. 

While booklet IR 20 has its 
shortcomings, it is not really 
true to say that it is silent on 
the current revenue practice. 
Booklet IR 25 may also help you 
(taxation of foreign earnings 
and foreign pensions). 

Broadly speaking, the answer 
to each of your first two 
questions is no. However,. your 
final question suggests that you 
may have partly misunderstood 
what you read in IR 20, and we 
hesitate to give you a brief 
answer to readers’ questions if 
they give us precise facts and 
figures relating to their own 
particular circumstances, so you 
may like to come back to us 
with specific data. 

Complaints 
about bonfires 

Part of my garden and those 
adjoining consist, of woodland 
and sbrubs. I have lived here 
since 1901 aud both I aud my 
neighbours have regularly 
dispoNed of woody garden 
rubbish by means of bonfires 
as composting is not always 
practical. We are not in a 
smokeless zone. A newcomer 
to (he area has complained to 
the local council about bonfires, 
and as a result we have received 
a copy of Ihe " Code of practice 
for bonfires " under tbe Clean 
Air Act 1956. 

I do not wish to eause a 


FINANCE AND 
THE FAMILY 

BY OUR LEGAL STAFF 


can be an easement (and thus 
capable of acquisition by 20 
years’ use.) although the right 
io use a particular site for 
bonfires may constitute au 
easement. 

From farmhouse 
to guesthouse 

I have recently bought the 
orginal farmhouse, which lies 
within the cuatilage of my Tarm, 
where we live in a smaller 
farmcbtlage. 

There are two reasons for the 
purchase, ibe first being as 
an investment, which would 
enhance the value of the farm 
as a whole and secondly to use 
the original -farmhouse which 


has good access on a busy 
holiday route, as a small guest 
house or for farmhouse 
accommodation. 

Gould you advise uie if T have 
io obtain planning permission 
for a change of use-front 
pritate residential nse io 
commercial residential if tlie 
number of letting rooms 
does nor excede four. Does 
accommodation of this nature 
have io be registered with 
any other authority ? 

Planning permission would bp 
required. There is no need for 
you to regi-STer the accommoda- 
tion. bur the local authority may 
wish to enter it in its register of 
houses in multiple occupation if 
it maintains such a register 
under ibe Housing Acts. 

Enforcing a 
trust for sale 

My wife and I are separated 
and she now lives In Belgium. 

1 wish to sell our matrimonial 
home, worth £12Q.(IUU. for which 


No legal responsibility can be 
accepted by the Firlhneiai Times for 
the answers given In these columns. 
All inquiries will be answered by 
post as soon as possible. 

I have a buyer. Site refuses to 
sell, saying the house would 
fetch a higher price if we held 
on to it for several more years. 
Meanwhile I have to keep 
paying the mortgage and other 
outgoings. Is there any way I 
can force her to sell at a fair 
market price, if so how long 
would jt lake? Also, would she 
be responsible for half of my 
outgoing payments since she 
abandoned our home two yeans 
ago: approximately bow- much 
would It cost me if I could 
force her to sell through the 
courts? 

An application to enforce the 
truM for sale can be made in 
i lie High Court. Such an appli- 
cation should be capable of 
being heard within about six 
months of the commencement 
of proceedings. The costs may 
he directed to he shared 

between you, but if your wife 
opposes the claim unsuccess- 
fully the whole of the costs may 
be ordered to be paid out of her 
share of the proceeds of the 
sale. 


Finance Act and CGT 


In view of tbe recent changes 
in the Budget affecting Capital 
Gains Tax: — the cessation of 
“pooling" and introduction 
of index-linking — resulting in 
the need tor accurate book 
keeping. I would be glad If - 
you would be kind enough to 
give an opinion on the following 
points please. I have recently 
received a scrip issue of 
Barclays Bank shares. At what 
price do I book these in my 
ledger so that index linking 
may subsequently apply? Has 
this scrip issue of share to take 
a separate identity now? 

Before the budget changes I 


would have entered the 
cost/acquisitiun price as nil 
and included them in the 
“ pool ’’ with existing shares, 

In the course of its passage 
through tile House of Cornutuns 
the 19S2 Finance Bill was 
extensively amended, and it 
grew' from its original 1S9 pages 
to a final length uf 256 pages, 
rivalling the 19U5 monster 
finance Act. 

Provided that you have not 
bought any Barclays Bank shares 

since the beginning of 393I-S2 
(and have not acquired any by 
inheritance, gif r etc.), then, by 
virtue uf paragraph St 3) of 


schedule 33 to the Finance Act 
3982. the bonus shares should 
simply be added ro the existing 
pool, as under ibe old rules. 
They will be eligible for indexa- 
tion from the March 1982 RPI, 
a;, indistinguishable parts of 
the old pool. 

However, if you did buy some 
Barclays Bank shares during 
3981-82 or in the current tax 
year (or if you acquired some 
by inheritance, gift, etc), please 
let us have precise facts and 
figures and dates, because the 
effects of paragraph 9 16) of 
schedule 13 are complex, and 
the existing pool may have to 
be partially unscrambled. 


Tax assessment appeals 


Recently I.have had my tax 
district changed and 1 pay 
my taxes each January 1 anil 
nuisance or to be unueighhonriy July 1. This year (m April) I 
but would you please advise me: received a demand for £lil 


(a) is the code of practice 
enforceable in law and 

(b) by virtue of over 20 years’ 
residence have I a “prescriptive 
right ” to have a bonfire at any 
time ? 

The code of practice is a 


wbicb I queried as I did not 
know what ft represented. I 
was told it was an amended 
assessment because of ad error 
by ihe lax department - 
concerned. 

1 wrote to them and 
complained because my 


recommendation by the Local 

Aulhurfty. 11 not obligatory previous Inspector always sent 
in law. "although contravention me Hie original assessment 
of it may be seen as evidence and a copy to my accountant* 

supporting 3 claim in nuisance I was (old that I bad signed 

at common law. The Clean Air a document with my accountant 
Act is concerned with the which gave them the authority 
coina(ii«i'K uinnacKcvj tu a i ftnission of smoke from to send tbp aniPHiicd assessment 
market which has promised so chimneys. It is doubtful direct to them. I pointed out 

much, but delivered so little, whether a right to light bonfires that on any assessment It 


clearly states “ihis assessment 
is adutessrd to you personally, 
as required by law... etc.” 

Am 1 right iu believing that 
I should have Ihe. amended 
assessment sent to me (or a 
copy) as I stiff do not know 
what the amount of £121 
represents? Because of the 
error I had lost m.v 30-ilay 
right or appeal if I had decided 
to do so. - 

We are a Utile puzzled that you 
have.. spent time In I'urrvspun- 
donco with your lax office (and 
now in writing io us), when 
su rely ihe quickest: sulu I i on 
would have been to ask yowr 
accountants to explain the £121 
tax demand tost ApriL 
• Your final sentence is based 
on a misconception of ihe law 


governing appeals. Only your 
accountants can tell you the 
fads, but we deduce that what 
happened was roughly as 
follows: 

1 — A notice of assessment 
was ih-sued to you, tost autumn, 
and a copy sent to your 
atvotinipnis; 

2— Your accountants gave 
notice uf appeal, and applied 
for postponement uf part of the 
tax demanded; 

3— The appeal was settled by 
agreement between the tax 
inspector and your accountants 
last April; 

4— The inspector sent a state- 
ment of the agreed figures to 
your accountants, Ie3ring them 
to tell you what they had 
agreed on your behalf. 










Financial' Times Saturday August 21 19$2 


B 


PRE 

mitt 

l£55^ 

a "d 

can 

serv 

ragi 

was 

brea 

As 

Was 

tend 

cw 

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restc 

He 
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proii 
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that 
fer?i 
and 
tax i 
Reag 
portt 

' Th 
still 

^COD‘ 

tion 
and 
?ge \ 
from 
thou. 
Stem; 
penc- 
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coalli 


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61 


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66 pt 
June 
siren 
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latest 
• Tb- 
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THE 
ment 
tion 
over 
main 
withe 
a v 
schec 
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prefe 
comp 
seher 
the l 
disag 
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it ecus 
deres 
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latter 
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defiec 
jreces: 
prole 
perfo 
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aciiie 
grour 
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-fall in 
rpraim 
{fipatit 
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tits tf 
• Las 
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year j 
19S2 

abiy 

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adopt 
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PROPERTY 


Casting on the Test 




• CKi 


BY JUNE FIELD 


" FIVE-POUNDERS and mayfly 
on Hampshire chalk waters, an 
unforgettable combination," 
wrote a satisfied New York 
• client to Colonel Eric “Scrappy" 
Hay, chairman of the Rod Box 

■ fishing, shooting and stalking 
operation in Winchester. 

The Rod Box was begun as a 
family concern in 1965, named 
by {he Colonel's son, managing 
. director Mr Ian Hay, after the 
containers used at his great- 
grandfather's Black hall fishing 
at Banchory on the Aberdeen- 
shire Dee where rods were left 
complete and locked in long rod 
boxes overnight - . 

“ Most pure and piercing the 
. aire. of this shire and none in 
England hath more plenty of 
dear and fresh rivulets of Irout- 
ful water,” eulogised 17th cen- 

■ tury chaplin Thomas Fuller. 

, and demand for fishing has in- 
! creased over the centuries. Rod 

Box subsidiary “ Fishing-To- 
Let," places more than 3.000 
rods on the water each season. 


and to satisfy the need, continu- 
ally negotiates new waters, add- 
ing fishings on the lichen. Test 
and Naddcr to those of the 
sought-after Hampshire chalk 
streams. 

Actually to buy a 1.100 yd 
stretch of the River Test with 
about 28 acres of let water 
meadows, 14 acres of woodland, 
and 9 acres with shooting rights 
for pheasant and duck, plus a 
Victorian farmhouse requiring 
renovation, could cost in the 
region of £150,000. This is the 
estimated price-tag for Parson- 
age Farm, Awbridge. about 3 
miles from the market town of 
Rorasey. “Jt-is rare, that pro- 
perties such as this come on to 
ihe market in the Test Valley, 
and rarer, still, to find included 
a stretch of the River Test with 
some of the best chalk stream 
fishing in the country,” says 
Mr Peter Cranhiam. partner in 
Pearsons, who are handling the 
sale. 

Trout and salmon are to be 


fished on the southern bank 
(reached after a bumpy ride 
down a lane and across the rail- 
way track), although when I 
tried casting, no fish would take 
the fly. . 

” Fishing dry fly or nymph 
on the chalk streams of Hamp- 
shire is a delicate and precise 
art,” reminded Ian Hay. guiding 
my inexpert hand. “Humidity, 
air pressure, direction of the 
wind, and lime. of. day all 
Influence the behaviour of the 
fish.” (A copy of The Hod Box 
—Guide to Fishing for the Good. 
Noi-so-Cood. and Inexperienced 
Angler, is 50p from Mr Hay. 
The Rod Box. 52, St George’s 
Street, Winchester. Hampshire; 
and for a brochure on Parson- 
age Farm contact Mr Peter 
Corbett. Pearsons, High Street, 
Stockbridge, Hants (026481 
702).) 

The owner of The Old Thatch 
in the hamlet of Nether Wallop 
near Stockbridge. told me that 
he had three or four trout a 





St Michael's Cottage in J acre of Test Valley 
countryside at Chilbolton, Is listed Grade II. 
are being invited in the region of £80,000- Details 


Christopher Lacy, Savilb, floffes House, 40 Milford 
Street, Salisbury, Wiltshire. (0722 TOC. 2.) 


A real estate revolution 


ONE WONDERS whether all the 
banding together and associa- 
tion of estate agents that has 
been going on recently is not 
becoming rather confusing, both 
for the profession and public. 

When you want to sell your 
home and buy a fresh one, do 
you realUr need to know that an 
agent is part of a consortium or 
has numerous branches? Fran- 
chise operations, referral net- 
works. computerised multi-list- 
ings, relocation services, all 
relatively new to British estate 
agency, are now part of what 
the Americans would term a 
real estate revolution for the 
the property scene in Britain. 

Do all tbese sophisticated sys- 
tems sell houses ? As the Estates 
Gazette. land and property jour- 
nal for the trade, pointed out 
in a recent editorial : “In the 


come in to the office together 
after the weekend shopping, and 
discuss any problems, whether 
they are buying or selling. And 
with the constant changes in 
bank and building society rates 
affecting mongages, it is our job 
to offer up-to-date guidance and 
advice on the spot.” 

“Specialising in properties in 
a particular area and under- 
standing the very often intricate 
local variations in price is im- 
portant,” says Mr Michael Rains, 
senior partner in Reeds Rains 
with 39 offices in Cheshire, 
Greater Manchester. Stafford- 
shire. Derbyshire. Lancashire 
and Cumbria. “There is no 
better guide and more expert 
understanding of local condi- 
tions than qualified partners 
and staff who are in daily touch 
with the market in their own 


last analysis it is the standard- catchment." For a free illustra- 

— 1 _ . _ -IV 'TC.woma *»TVT*y«-+l> Wort 


of service that will generate 
business: no practice can be 
transformed overnight by a new 
letterhead and the installation 
of visual display units on nego- 
tiators’ desks.” 

One positive result of broader 
alliance would appear to be that 
more and more regional agents 
are. now opening on a Saturday 
afternoon. “Many undertakings 
made on the maxim ‘if you do 
not open. I will not.' have gone 
by the board.” admitted one 
south, coast agent. “And of 
course these arrangements were 
made to suit themselves and 
not the clients. After all this 
is the time when families can 


ted 76-page “North West Pro- 
perty Guide” which features 
everything from a converted one 
bedroom apartment in the Dids- 
bury area at £8,950 to prestige 
country homes at £l00.000-plus. 
contact Mr Rains, P.O. Box 10, 
The Crescent. Cheadle. Greater 
Manchester 1061 491-0111). Most 
of the offices are open until 4 or 
4.30 on a Saturday afternoon. 

Mann Countrywide, an asso- 
ciation of estate agents set up 
for corporate relocation (ie 
their clients are companies, not 
individuals), claim to be the 
only estate agents to offer a 
guaranteed purchase pro- 


gramme through its L2Wdffices ■ 67445). 


in the UK and North America. 
Its instigator, Mr Jeremy Agace. 
chairman, of Mann and Company 
with 94 offices in south east 
England, says: “The objective 
is to * buy-in ’ the property of 
an employee who is moving 
from one area to another. With 
the full equity of' the original 
home in hand the business of 
buying the next in. the new loca- 
tion can proceed without the 
worry and financial burden of 
a bridging loan.” ‘ 

For Alfa LavaL a London- 
based Swedish multi-national 
company, associate agents 
Davies and Sons of Chepstow 
relocated two families from 
Cwmbran. South Wales, to 
Brentford. Middlesex. “ In both 
cases the properties were sold 
before the time that we had 
contracted to buy them in. so 
the companies* expenses were 
kept to a minimum.” 

The association offers various 
services — from recruiting staff 
(seven employees for Ceienese 
Canada Inc factories in Edmon- 
ton, Alberta), to checking on 
amenities (a “home finding 
co-ordinator ” • provides a 
“Moving Documentation Pack- 
age ” which lists schools, 
shops, transport facilities and 
so on), and providing such 
homely touches as searching 
out a particular baby food for 
an anxious mother. Company 
enquiries to Mr.Agace. Mann 
Countrywide, 22 Commercial 
Way. Woking. Surrey (04862 


week out or the stream along- 
side. The picture-book place is 
featured in Dorothy Beresford's 
Nether Wallop in Hampshire 
1973, as the Elizabethan Old 
Forge cottage by the old- smithy 
in tiie Square, once the village 
green where the stocks stood 
for the punishment of wrong- 
doers. Pearsons’ Andover office 
(0264 52207). are inviting offers 
in excess of £75.000 for the four 
bedroom cottage with its mellow 
brick inglenook. exposed beams 
and quarry-tiled hearth. 

The Wallops are a desirable 
area, with their reasonable com- 
muting links to London and 
their evocative history which 
goes back some 4,000 years. 


(Fifehead Manor, Middle Wal- 
lop. now a hotel where I had 
lunch, was- once the home of 
Lady Godiva. and W. G. Grace 
used cricket bats made from 
Wallop willows.) So property 
commands a premium. 

Beams said to be hewn from 
old ships’ timbers are jn the 
five bedroom, two bathroom 
Wickhams in an acre of garden 
which slopes down to the pld 
church of St Andrew. Nether 
Wallop. Pearsons* Winchester 
office 10962 6444 ). are looking 
for a figure in the region of 
£120.000 for this interesting 
house. 

As L. Collison-Morley 
observes in Companion into 


Hampshire (Spur Books 1973) 
if the Test Valley is a paradise 
for the fisherman, it is hardly 
less so for the walker. ‘‘Across 
the river, now flowing rapidly, 
you go on to Chilbolton. another 
charming village” (where) the 
houses *%ave an air of im- 
memorial quiet.” 

CZtilholton is said ro have 
been given to St Swithun’s by 
Athelston after the defeat of the 
Danish giant by Guy of War- 
wick. The four-bed, -oomed Sr 
Michael’s Cottage, 18th century, 
listed Grade n, in the centre of 
the village, is in the region of 
£80,000 through Mr Christopher 
Lacy, Savills, Rolfes House. 60. 
Milford Street. Salisbury. Wilt- 
shire. 



Wickhams, Nether Wallop, 4 bedroom, 2 bathroom, 
house in an acre of garden by tha old church is : 


in the region of £1204)00. Details Pearsons, la. 
Grafton Street, London, Wl (01-499 2104). • 


Investments in London 


Throe good opportunities to produce a significant return by buying a London apartment; 
whilst provkfirtg yourself with an inflation proof asset. 


Brand now block of T and 3 bedroom luxury apartments and 
fabulous 1 room town studios. Prestige, central - . - 

position at Oakley Square, NWI. less than mile 
from Eusion station, with ready access id the City * 
and Wjct End. Zanussi kitchens, individual central J 
heating and hot water. Double glazing and fined J. 
carpets. TV securiry. porterage. Bit and car (. 
partdng. Decorations » choice. Prices from 
£34,000 for 125 year leases. 

■ Other new developments for investment include 1 r i 
and 2 bedroom apartments and pvuhouse, at If . 

Camerei Coon, located by the Kensington V \’ 

Hilton Hotel, W1I and in the Battersea SW11 "V. 

conservation area, within 50 mewes o t the Thames. v vh 

there's a choice of studios, I and 2 bedroom apartments. '- v 

AU. DEVELOPMENTS READY FOR IMMEDIATE 
OCCUPATION 




Fur brochures phone: Oakley Square. 01-380 D2fi2 
Cameret Court Q1-S02 0613 
Banana*. 01-223 7878 
or wnte: Carlton* Limited. CarGaiw House, 
WJIMaW Wmv. NWJ1 BYA 
Show apartments opart phono for times 



A . ■- ..--I ■ 

Caiiians » limited'* * ‘‘‘V • 


Bell-Ingram 


SCOTLAND 

INVERNESS-SHIRE 
4.900 ACRES 


For Sola whit Vacant Possession 
AN EXCEPTIONAL HIGHLAND 
RESIDENTIAL. AGRICULTURAL 
AND SPORTING PROPERTY" 
Beautifully iKuatcd In Hie 
Upper S or t Valley 
A Beautiful and Historic House 
Most productive Farm with new 
multi-purpose building attractive 
Farmhouse and 3 additional Estate 
Cottages 

About IIS ACRES Valuable and 
Useful Woodlands 
EXCITING STALKING 
20 STAGS. *3 HIND5 
Rough Shooting: Trout Fishing 
In the Spey 

Excellent train and air connection* 
to London and elsewhere 
For further particulars apDlv: 
BfU.. INGRAM. 7 Walker Street. 
Edinburgh EH3 7JY. Tel: 031-225 

S Z71 or BINGHAM HUGHES A 
IACPHERSON. 45 Church Street. 

Inverness tvi 1DH. 0463 224343. 


f 


First Time Available 

31-32 MONT AGU SQUARE 
LONDON Wl' 




A limited selection ot newly modernised 2 and 
J bedroom interior designed apartments in 
totally refurbished modern Hod: having 
southerly views over Square gardens. 

* Independent l las Lfl £. HIV * Video knln phone 
EysU-m * ['unerase * l.ili * Marble Enirano." K'Ver 

* fully ITUml kitchen.- * Fully Tiled ftilhnvms 

* Carpels Oal. Strip Fleennc * L-m 1 id Square Cardens 

J BEDROOM FLAT 

Masier Bedrm’m mth ■Dri'-sinn .Area and I'-.ilhwnni m 
Miilv. 2 Further Bedroom- 2 Balhrin'in- ' I en -uile 1 , 

• Kcicption K>H>m with Dining Area, kirehen 

2 BEDROOM FLAT 

2 Bedrooms, Reception Room. Kitchen. Bathroom 

Prices from £95, 000 -£175, 000 

LEASES 70 YEARS 


2 Floors sold. 

For details «4 Iasi remaining Hals 

contact Sole Agent s 





« CHARLES PRICE 
RANTOR&CO 


No. l-Btrrkrlcy Squirn'- I/indo'n U lX nHL. 

01-493 2222 (24 hrs.)/ 01-491 3304 

' : r*l«>2C7383 )CHAPO»<;i.Tilo gpirr.«M!U Ml f- 


J 



TORQUAY ■ — OUTSTANDING 
MARINE SITUATION. Bungalow 
Retldenee of superior quality, enjoy- 
ing beautiful aoirth iilWt otettM 
jci and coaitiinc. 3 beds, aw bed. 
or study. 19 ft drawing rm.. dining 
room, 44 ft sun baieonv. b«h„ 
shower rm„ htted fclf.rbreakrart 
rm_ mi -central hpat'Afl. double 
glazing, law loft, spacious garage 
for ZJ3 un further storage are*. 
Studio, store r«v.. w.c.. 2 gdn. rm* . 
gently sloping Bardens with south 
aspect of a oout 3 of . an acre, 
special burglar Precautions. 
£1 25.000 FIFE Ref: 47B1IGRC. 

Apply. 59. Fleet Street. Torquay 
Tel: <0S03t 28G51 


Knight Frank&Rutley 


20 Hanover Square 01-6298(71 

London WIROAH rc-t C x2653S4 


BUCKINGHAMSHIRE 


Chesham within J mile. London 32 miles 


A RESIDENTIAL 
COMMERCIAL FARM 


. Attractive Queen Anne Farmhouse. 

3 Principal reception rooms. 

Kitchen. 

5 Bedrooms. . 

Modern cottage. 

Extensive buildings with facilities 

■ ' for a 120 cow Dairy herd. 


ABOUT 177 ACRES 


(RAME/7094B) 


% OVER 65 OFFICES ^ 


NORWICH— Period City Centre House — 
With walled garden-r-Weel location for 
. professional couple. Offers ‘ around 
£60,000. For further Information tala- 
phone Norwleb *17*37- 



AMERICAN 

EXECUTIVES 

seek- luxury furnished flats or 
houses up to £350 per week. 
Usual fees required. 

Phillips Kay & Lewis' 

01-839 2245 

HOUSE TO LET 

‘ (1 to 3 years) 

ATTRACTIVE DETACHED HOUSE 
SiiuBtod in Now Maiden. Comprim 
three bedrooms, living room, 
dining room, fully equipped kitchen. 

Set in large grounds 

£125 per week. 

(D1) 99S 2500 

MAY'S have always had a good selection 
of orooertles Ic rent In South West 
London. Surrey and Bark shirr. Tel: 
Oxshott 3ST1. Telex 0353112. 

. 

ALDERNEY. CHANNEL ISLANDS 
Spatioi>f well kept modern nouse with 
nugninceni sea views. 3 dotnr beds, 
jtudv, i rccea. rooms, battiroom a 
. shown' room, large kltehen. C H. . 
Large oarage. Adiacent. drt. block it 

2 I t Rats * garage providing useful 
rental Income w«h carry *acans posses- 
sion. All the Channel. Islands advan- 
tages but with not residential qualinea- 
tlons needed £T 00.000. 

For details write to: 

Crawford. Hrctgue Koine. Alderney. Cl. 
er ten Dill *2 22*3 

GUERNSEY- For all your rvee«rty require- 
ments- Sea view Estate Agency LM_ 

§., u IWviW*' "'*■ 

APPOINTMENTS 
APPEAR EVERY 
: THURSDAY 




RESIDENTIAL 

PROPERTY 

ADVERTISING 

appears every 
Wednesday 
& Saturday 




AFINANCIAL1TMLS SURVEY 


FINANCIAL 

FUTURES 

will now be published on the 
13th September, 1982 
and not 14th September 
as stated previously 


The Financial Times is pla nn ing to publish a 
Survey on Financial Futures in its issue of 
September 13 1982. The provisional editorial 
synopsis is set out below. 

Introduction: The London International Financial 
Futures Exchange will start trading in September. 
The City of London’s newest financial activity will 
provide a wide range of investment opportunities 
for corporations, commercial banks, insurance 
companies, jobbers and discount houses, dealers, 
building societies, local authorities and specu- 
lators. The development of the Exchange and its 
future role in the London financial community. 


CHESS/BRIDGE 


... * . 

Coup en passant 


BRIDGE 


LP.C COTTER 


MY FIRST hand today occurred 
in a teams-of-four match, and 
resulted in a swing of 730 
points or 12 IMPS. Let US see 
what happened: 

N. 

4AQ73 
<3KQ5 
0864 
♦ Q72 

E. 


« £106 52 
-* A 2 
*Q1053 
*65 


W. 

>94 

SJ10987 
OJ72 1 
*A83 

S. 

*K8 
643 r 
OAK9 
+ K J1094. 

'With North-South vulnerable, 
East' passed as dealer, and 
South opened the bidding with 
one club! to which North made 
the obvious reply of one spade. 
The opener now rehid ohe .no 
trump, and his partner's raise 
to three no trumps concluded 
the auction. 

West’s lead of the Knave of 
hearts was covered by dummy’s 
Queen, and the Ace won. Then 
heart return enabled West to 
clear his suit, and waif with 
his Ace of dubs to defeat the 
contract. 

In the other room South rebid 
two clubs instead of one no 
trump, and the same contract 
was reached, but this time with 
North playing the hand, and 
against the lead of a diamond 
the declarer had no difficulty- 
in making 10 tricks. 

Was it, then, just a case of 
letting the wrong hand play the 
contract, or could South have 
handled the cards to better 
advantage? Let us reason things 
out. South put up dummy’s 
heart Queen, because he hoped 
that West had led from Ace, 
Knave. 10. But If he dneks the . 
first lead in dummy, the suit 
will be blocked, and the con- 
tract cannot be defeated. 

That’s all very well, you say. 
but suppose that West had 
started with five hearts to Ace. 
Knave. 10 and the Ace of dubs. 
Your method is the only way of 
losing the contract 
Very true, but you have 


‘ forgotten ope thing, X reply. 
West said nothing aver Smith’s 
opening bid of one dub. Would 
;he not. especially at favourable 
vulnerability, overcall with one 
heart il he had . the holding you 
suggest? . 'I would certainly Md 
one heart; and so. I am sore, 
would you. 

Is the second . hand . the 
declarer. In a toy poor con- 
tract at rubber bridge, seemed 
to start off on the wrong foot, 
but he. did sot panic; isd by 
good play saved tbe day. 

■ . N. ' - ' . 

••• -*9543- 
. 3 A 104 . . .. ; 

• ’OKflOS : -7 

- . . *7 6 - - 

E. 


♦ KJ1072 
-9K-J2 

+ K943 


. w.— - -- - 

♦ Q6 

OQT 

61087-542 

+J102 

: . S. ‘ ' T 

' ■ +A8 

OAQ 
* A Q 8 5 

' Both sides were vulnerable 
when South dealt .and bid one 
heart, which North raised to 
two hearts.' The opener nude 
a trial bid of three dubs, to 
find out whether ,K!s partner's 
raise was mhrimum or maxi- 
mum. and North with no 
justification whatever said four 
hearts. 

West led the diamond five, 
and South took stock. With two 
trump losers, a spade loser, and 
more than one possible loser 
in clubs, he felt he mast try 
to discard his losing spade on 
the diamond King on the table, 
so he at once cashed his 
diamond Ace. Things seemed 
to go from bad to worse when 
East ruffed, and returned the 
seven of spades. 

Winning with the Ace, South 
. crossed to the Ace of hearts, 
dropping the Knave on his 
right, and led a club for a 
finesse of ihe Queen. When this 
was successful, he cashed the 
Ace, and ruffed a club with 
dummy’s four of hearts. Now 
he could lead the diamond King. 
East ruffed with his King of 
hearts, and the declarer dis- 
carded his eight of spades. East 
returned the King of spades, 
and the declarer ruffed — he 
could see the cliffs of Dover. 
He led his remaining club, and 
West could sot stop the coup 
en passant. 

The defence made three 
trump tricks, and nothing else. 


World battles 


CHESS 


LEONARD &ARDEN 


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COPY DATE: SEPTEMBER 3 1982 
For further information and advertisement 
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Financial Times 
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THE GRIEVESON Grant 
British Championship at 
Torquay was the strongest 
competition in the annual series 
which began in 1904 and proved 
clear success for the three 
grandmasters. Tony Miles 
became champion at last, a long 
overdue success: Jonathan 
Speelman was second, while 
Raymond Keene tied for third. 
It was an event where experi- 
ence triumphed over youth, and 
its overall calibre was illus- 
trated by Andrew Martin who 
met such highly-rated oppo- 
nents that he achieved an 
international master norm with 
only 6} points out of 1L 
The value of a strong 
** British ” becomes evident 
when our players participate 
in a wider world chess context. 
For years the Russians have 
honed their skills and refined 
their strategic and tactical tech- 
niques in hard-fought domestic 
events. In the five years of 
Grieveson Grant sponsorship 
our own championship has 
increasingly provided a similar 
uncompromising test High- 
lights of the 1982 tournament 
were Miles’ all-round control, 
Speelman's imaginative tactical 
play which included several 
queen sacrifices, and on the 
technical side the many inter- 
esting games with the opening 
1 P-K4, P-QB4; 2 P-KB4 which 
has long been an English 
speciality. 

Next week the younger 
players and juniors whose 
results disappointed in Torquay 
have a chance to apply its 
lessons at the . annual - Lloyds 
Bank Masters. Miles and 
Keene lead the British entry 
against Viktor "Korchnoi, who 
plays his first tournament since 
the Soviet authorities bowed to 
international pressures and 
allowed his wife and son to 
jo hr him in Switzerland. 

Despite his two world title 
losses to Karpov. Korchnoi 
remains a great tournament 
Player with a long and dis- 
tinguished record of first prizes, 
and will be a clear favourite to 
win the Lloyds Bank. The event 
is conveniently situated for Ciry 
spectators. at the Guildhall 
School of 'Music in the Barbican; 
play is each afternoon, 1.15 to 
6.15, from August 25 to 
September 2. 

Two more British players are 
already competing at the highest 
level. Nigel Short, favourite 
for the junior world title in 
Copenhagen, has begun well 
with two wins and a draw. John 
Nunn in the Mexico interzonal 
started with four draws (includ- 
ing games against the Russians 
Balashov and Polugaevsky) then 
won in fine style against u.SL 
champion Seirawan who led the 
early rounds. 

WHITE: 

J. D. M. Nunn (England). 
BLACK: Y. Seirawan (U.S.). 
Caro-Kann (Topeka Interzonal, 


Mexico 1982) • 

1 P-K4. P-QB3: 2 P^Qi. P-Q4r 
•3 P-K5. B-B4; A N-QB3. 

White chooses interesting 
psychology, in effect reminding 
Seirawan of his loss to Spassky 
with this same opening at 
Phillips and Drew 1982; but in 
that game Spassky chose 
4 P-KR4. ■ 

4 . . . P-KR4. 

A dubious gambit, offering the 
KRP to gain time for attack 
against White’s pawn centre; 
Nunn accepts the challenge. 

5 B-K2, P-K3; 6 BxP. P-QB4: 
7 B-K2. PxP; 8 N-N5. .B3CS 
(probing for a pawn weakness 
near Whites king); 9 P-KB3. 
B-N3; 10 NxQP, B-QB4: 11 
B-N5 ch. K-B17! 

If 11 . . JV-Q2 the knight is 
passive but the remedy of 
abandoning castling proves 
worse than the disease. From 
here on Nunn's smooth develop- 
ment puts him on top. 

'12 KN-K2. P-R3; 13 B-R4. 
P-QN4: 14 B-.V3. N-Q2; 15 B-K3, 
Q-B2; 16 P-KB4, N-K2; 17 0-0, 
B-R4; 18 P-B3, P-N4. 

This attempt to undermine 
White’s KP further exposes the 
black king but otherwise Black 
is just a pawn down. 

19 Q-Kl. BxN <K7): 20 QxB. 
PxP; 21 BxBP. N-QB3; 22 
QR-Q1. K-K2; 23 K-Rl. QNxP; 
24 N-B6 ch, QxN; 25 BxN. NxB; 
26 QxN, Q-Q3; 27 RxP ch: 
Resigns. 

A smart tactical finish. If 27 
. . . KxR; 28 R-Bl ch. and if 
K-K2; 29 Q-N7 ch wins both 
rooks, while if 28 . . . K-X3; 
29 B-Q3 ch or 28 . . . K-Nl; 
29 Q-Nn ch, forces mate. 

POSITION No. 437 
BUCK (8 men) 



WHITE 1 9 men) 

Czechoslovak grandmaster 
Hort will be No 2 seed to Korch- 
noi in next week’s Lloyds Bank 
Masters. As White Mo move) 
he reached this position in Hort 
r Portisch, Monaco 1968. How 
did White force an early rests- 
nation? 

PROBLEM No 437 

BUCKf 4 men) 



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White mates in two moves, 
against any defence (by J. W. 


Abbott, 1886). 

Solutions, Page 10 


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if r Financial Times Saturday August 21 1982 



LEISURE 




winter sunshine 


BROCHURES offering winter 
sunshine holidays often give the 
impression of uniform flood 
weather. In fact what is on offer 
varies dramatically. Given that 
you are only coing for a short 
time you need to look closely at 
the available figures to check 


TRAVEL 


lems behind by going to the 
West Indies, . Throughout the 
Caribbean the temperatures are 
hot by English standards and 
better still it is the dry season. 
This means abundant sunshine, 
and afternoon temperatures in 

.... -- — -- ~ ... • . the low to mid-eighties. But 

whether you stand a good chance Further _ east^ the Masta! areas do taKe it eas y, the humidity, 


W. J. BURROUGHS 


of setting the weather you want of Israel and Egypt have the w hich is far higher than any- 

Sn what should you he look- warmest and sunniest weather. S ^rfen^d in BriS. 

ing for? First, remember that But. throughout the whole vvill^coine as a shock, 

in winter the global weather region there is a risk of bad humidity can be. 


patterns can change dramatic- conditions petting in for days f oun d in the Bahamas which are 
ally. You cannor expect simply on end and then ?«* will be no sIig htiy cooler Shan elsewhere in 
to get cooler versions of the better < J® 10 £ e ’ the West todies during the 

well known b^rag summers. A better solution is either ^nter • 

For instance many areas that to put some -warm ocean be- Once you venture south of the 
are parched all summer have tween you and the.icy northern Equator the opportunities for 

wet winters. Moreover regions continent or go further south, closing the ideal climate are 

not protected by plenty of warm In January places like Madeira much greater Almost every- 
sea can be hit by bouts of nor- and .the Canaries offer warm wier _ £ a offer carries the pros- 
them winter. Places like Athens, sunny weather comparable to pect of high temperatures and 
Jerusalem, Tunis and Florida early September here. The Nils j ots ^ sunshine, but beware of 
ar e not immune from snowfall, valley and soutbeip Israel pro- ae ^ season . For instance, 

The weather in the Mediter- something slightly hotter Mauritius is very wet from late 
rancan is particularly vulner- and sunnier. December to March and you 

able to popular misinterpret a- Going further afield gives stand a fair chance of being 

lion. Most of its shores have greater opportunities of getting visited by a passing cyclone in 
conditions in January no better truly hot. weather. But remera- which winds in excess of 180 
than late April or October in ber to give-the cold continents mph have been known. Tbe 
England. What is more, though a wide berth. Winter can some- Seychelles also are very wet in 
varying greatly from year to times intrude to famed hot spots December and January but not 
year, on average it is wetter like Florida and Bermuda when prone to cyclones. • 
than here. Algiers, Gibraltar and arctic air sweeps down across southern Africa a stouter 

Haifa all have twice as much America. Nevertheless, in Jan- story applies. Zimbabwe and 
rain ns London in December uary Miami matches a hot July most of South Africa have much 
and January. here and the cold blasts rarely 0 f their rain between December 

So thouzh the Mediterranean reach so far south. The rest of and February. The same is not 

is a marked improvement on the U.S. gets its fair share of true of Cape Town to the south 

London in January you will be winter. Tbe desert southwest is where the rains come between 

well advised to take your cool though very sunny but May and August, while further 

woollies and an umbrella. As California has a Mediterranean north in Kenya and Tanzania tbe 

for swimming, it is like taking climate. As for Bermuda it is wet season is between March and 

a dip at Eastbourne in late cooler than Florida and the May- 

October. showery weather reduces sun- Of the other exotic places on 

If you do choose the Mediter- shine levels in J anuar y and offer, Bail, Sri Lanka, Thailand prospects given by many travel 

ranean then the Costa del Sol February to those of April in and Singapore all fully match companies. So look closely at 

Is sunnier and a little warmer London. the claims of winter sunshine, ail the figures they give you and 

and dryer than most parts. You leave all these prob- The only thing you need to decide whether these match your 



Not for 

dirty 

Wellies 


*. • =■.£' .. .= - r - 

Giant statue of Budfta in Pofonna Ruwa, Sri Lanfa 


remember is that the closer you 
are to the Equator tbe higher 
the humidity and the greater 
the probability of baving heavy 
showers each afternoon. This is 
particularly true of Bali and 
Singapore which ■ arc at their 
wettest from December to 
February. 

This may seem a pretty 
gloomy picture, but it is neces- 
sary to counterbalance the rosy 


requirements. For example, if 
you do not enjoy high humidity 
remember that place* which 
have a mean minimum tempera- 
ture above 20"C f68“F) will 
feel rather like a non-stop 
Turkish bath — so you will be 
glad to have air conditioning. 

As with everything you buy, 
it pays to do some research into 
what you are purchasing. Details 
of regional climate zfre given in 
atlases and geography text- 
books. So look around to find 
out what you are letting yourself 
in for before making a decision. 



a country at war 


«Vrv.v ! " T 


IT NEEDED about five years 
of nagging by owners to per- 
suade Rover to offer the Range 
Rover with power steering and 
it has taken twice that time for 
a regular production-fine auto- 
matic transmission version to 
appear. But at last it has. The 
price will be .announced 
tomorrow. - 

I am honour bound not to 
reveal it today but I will say 
this. An automatic Range 
Rover, air conditioned, taxed 
and insured, its tank brimmed 
with £31 worth of petrol and 
fitted with a stereo that com- 
pliments its splendid interior, 
will leave little change out of 
£19.000. Initially, two pedal 
transmission will be confined 
to tile fanciest Range Rover of 
all. the " In Vogue ” model. 

When one thinks back to its 
launch in 1970. When it cost 
under £2,000 two things 
become dear. The pound isn’t 
what it used to be — and the 
Range Rover has become a 
completely different, animal 
from what it was 12 years aijo. 
even though its essentials 
have hardly changed at all. 

It was conceived as a college- 
educated cousin of the Land- 
Rover, an on-off road vehicle 
one could drive over rough 
terrain without fear of losing 
dental fillings. Equally, it 
would be suited to cruising 
down the motorway at high 
speed. 





The 


automatic “lit Vague" Range Rover: four doom, 
conditioning and a cool box for the champers. 


air 


MOTORING 


STUART MARSHALL 


some lines, their air of brute 
strength, as much as their off- 
road ability. It became a sort of 
upper class Mini — a car that 

was acceptable anywhere. Rover" and cTonked'only 

Soon, to be in anything but a S0 fny under the floor when I 


Range Rover into a manure 
strewn farmyard would have 
been like entering a house- 
proud friend's drawing room in 
dirty - wellies. 

The two-pedal Range Rover 
uses a Chrysler automatic gear- 
box and has a new high-low 
transfer gearbox which will be 
spen on other Land Rover 
Limned products in due course. 
It !s much quieter than eren 
the latest manual transmission 


Range Rover was to feel almost 
undressed at thr smarter kind 
of country' sportine occasion. It 
looked well in Mayfair too. 

Throughout the 1970s those 
that could he spared from ex- 
port markets — the oil rich 
sheikhs were among the 
keenest buyers — were snapped 
up Id Britain. Many were 


went from power-on to power- 
off in traffic. 

There have been two-pedal 
Range Rovers before but they 
have all been conversions. By 
far the best one I ever drove 
was converted by Schuler 
Presses, of Sunning hill. Berks. 

They use the Ferguson 
svstem of four-wheel drive. It 


TOURISM IN ISRAEL has specialising io filling up Maof with signs warning of 4 unex* 
suffered a body blow this Airline charter flights, and each ploded mines, the legacy of pre- 
summer for obvious reasons, return ticket cost £157. That vjous conflict. 

And yet going there for two seemed like a good start. When You are obliged, when travel- 
weeks at the end of July on a we took off from our Tel Aviv -ling by car in Israel, to give 
family holiday proved both base, a hired car from Hertz lifts to soldiers. The odd mili- 

worked out at £320 for nine tary convoy passes in the other 
days — we clocked tip about direction, but driving is on the 
1,200 kilometres and spent, whole hot but interesting. Going 
about £35 on petrol. north west to the beautiful city 

v ., . First of all we moved up to of Safed on a twisting mountain 
and young soldiers hitch-hiking Galilee. basing ourselves road is a Scalextric enthusiast’s 
to their posts on every road. around Tiberias. On the first dream. Driving south along the 

The decline in tourism means night we treated ourselves to west coast of tbe Dead Sea 

that you can saunter casually the excellent Galei Kinneretb towards Masada and Eilat you 
through the markets of Motel ($95 a night for two 

Nazareth and Jerusalem with- adults and child) and then 

out suffering what I imagine to moved into the much cheaper 

he the usual intolerable crush Quiet Beach hotel ($110 

of souvenir-hunting pilgrims; for two nights). Quiet Beach 


pleasant and uncomplicated. 
Beirut is, of course, very near. 
But the outward signs of a 
nation at war are restricted to 
the odd aeroplane flying north 


pass vivid o range mountains 
that are as dramatic as the 
Grand Canyon. By accident I 
discovered a tortuous route 
from Jerusalem to Bethlehem, 



bought to pull horse trailers, a . 

job for which they were ideal, puts more of tbe engine s power 
Ample power let them romp up to the back wheels than the 
hills with two heavy hunters on front ones instead of the 
The engine was a 3} tow; their traction got them in standard 50:50 split and incor- 
li’tre V8. a detuned version of and out of soggy meadows, porates a limited slip centre 
the Rover 3500 saloon's. It had Their new owners had no idea differential. For performance 
permanent four-wheel drive, of what they had really been - and refinement. I think the 
coil sprung beam axles with a built to do across country. Schuler-converted Range Rover 
self-levelling device at the rear Some Rang? Rovers seem has an edge over the off-the-peg 
and it went, on or off the high- never to their tyres dirty 
way. like no 4x4 had ever gono at all; they are used as prcs- 
before. tisioits runabouts. And very 

Inside. It was plain, with good they arc. too. in pin* 


“ in Vogue “ two-pedal. But 
the differences are small. Any 
Ran^e Rover owner who has 
said harsh things about the 


robber marts and stiff, scrub- centres, with enough brawn to heavy gearshift in his manual 


bable plastic seats that a 
colleague once memorably des- 
cribed as looking like carved 
blancmange. Rover thought 
their beefy newcomer would be 
used by farmers and sportsmen 

in the main as a surrogate for . 

both a cross-country machine the generally accepted idea of before slipping into high, 
and a normal car. It didn't a 4x4 vehicle. The fascia is still mileage was not big enough 


keep taxis and Transits at ? 
respectable distance and a 
lofty driving position that lets 
one spot traffic gaps ahead. 

The " In Vogue ’* automatic 
Range Rover I have been using 
this week is a total contrast to 


version will find the new auto- 
matic hard to fault. 

Performance, however, is a 
shade less urgent than the 
manual’s. Fool flat on the floor, 
it ran up to well over 40 mph 
in low and 72 mph in middle 

My 
to 


work out like that Not un- plastic, but the t!bor cappings set a realistic fuel consumption. 


! r.Z : •%. - - .-a.-.--* -• - v;.. 

Jerusalem rooftops from the Well of the Old City 


that you can park easily in all was one of the noisiest places the Hussein Road, that is like 

towns and take your pick from I have ever stayed in, ‘thanks ascending the tiers of a wedding pleasantly saline. Showering off 

the hotels and kibbutz guest to canned music and late night cake by its knobbly, crumbling after a dip in it at Em Gedi, it 

houses: and that visits to discotheque. But the swimming periphery. was with son-.e relief that we 


Michael Coveney 


reasonably, farmers prosperous 
enough to huy a Range Rover 
preferred to drive through 
deep mud in an already filthy 
Land-Rover and take their 
wives out that night in a Rover 
saloon. 

Range Rovers were bought 
for their high, wide and hand- 


are of polished wood, the it should be about the same as 
throne-like seats are trimmed in the manual when driven gently, 
luxury velour and every Inch but will be thirstier on the 
of floor is covered ri bound- motorway, 
edged carnet I nr-’ T lab- The tank holds 18 gallons: 
rador wine her f before there appears to be room for 
jumoing up to shar? he load six bottles of champagne as well 
space with the spare wheel and as plenty of caviar in the cool 
cool box. To have driven this box. 


Jerusalem, of course, remains 
an Inexhaustibly fascinating 
city, with its collision of Moslem. 
Christian and Arab traditions. 
To view it from outside the 
Garden of Gethseraanc. the 


Biblical landmarks in the was excellent, as was the 
sweltering heat have at least accommodation. After that, we 
the advantage- of' minimal made our best deal at No! 
crowds. Ginosar, a splendid kibbutz 

We had arranged to visit hotel. Half board and accom- 
rela lives in a country village modation for four people for 

near Tel Aviv before - Opera- two nights here cost $156. But poMen mosque gleaming 
tion Peace for Galilee " was that rate was the one offered proudly in an evocative city- 
launched in the first week of to Israelis, not tourists -- we scape- is one of thp great 

•Tune. That first action seemed benefited because our hosts p^riAncep of anv trip. To visit 

a very long distance in the past, -came lo join us for a couple the Israel Museum is to be made 
even at the end of July. People of days. aware of how diligentlv . every- 

where worried about the war. From Tiberias it is no distance t hj n g even t0 art collection 
many of those we. spoke, to dead at all to Tabgha, traditional ha c been cultivated in this 
against it. Throughout our stay, site of the Loaves and Fishes state. 

the media — most notably the miracle, and Capernaum, centre N examine the names of 

Jerusalem Post-conducted an of Jesus's Galilee ministry and J>ow U5e names 01 

impassioned debate on tbe pros birthplace of Peter, 
and cons. Each night the tel* Th e lake, blue and inviting 

but with deceptive dangerous 
currents, is consistently beauti- 
ful from the coastal road. One 
afternoon, we followed it round 
to the northern tip, crossed the 
Jordan by a little Bailey bridge 


vision . interviewed Israeli 
soldiers and Lebanese civilians 
in Beirut ^-although viewers 
were not of course shown the 
harrowing pictures British TV 
stations have been transmitting. 


all tbe donors with as much 
fascination as the titles of the 
pictures. And to visit Yad 


made for the nearby Nature. 
Reserve with its roaming bands 
of ibex, beautiful wild birds 
and spectacular waterfall. 

A fashion note: my Bermuda 
shorts were deemed indecent 
at Hie Church or the Holy 
Sepulchre in Jerusalem (the 
slip of Golgotha i and I was 
lints deprived or admission. The 
same trews were perfectly 
acceptable, however, at the 
wonderful modern Church of 
the Annunciation m Nazareth. 
So. if travelling, in shorts, it’s 
advisable to keep a pair of long 
’uns in die car boot. 

All tbe well known sites are 
worth visiting, but one spec- 
tacular treat does hot always 


Vasb'em^ where ^he holocaust is appear in the guide books. This 
. j.,.., t b e Hisham Palace near 


documented in gruesome detail, 
is to be reminded why the 
State of Israel was demanded 
in the first place and to under- 
stand a little, perhaps, why the 


Although there are many nestling among the buflrushes PLO Ls so reviled by Israelis. 


cheap package holidays to 
Israel, Israel itself is not cheap. 
We bought our air tickets from 
Ipale Travel Ltd.. 92 West End 
Lane, London NW6, a firm 


and penetrated the lower Golan 
foothills in search of some hexa- 
gonal Roman baths. We gave 
up this quest on discovering 
that tbe unmade road was dotted 


Swimming in the Dead Sea 
is a phasaly experience and 
about as difficult as trying to 
tap dance on foam rubber. The 
water is hot. sticky and un- 


Jericho. a Moslem ruin th?i 
was built in the SiCi century 
and earthquaked shortly after- 
wards. Nnt only ts rh? ru'.i 
itse’-f more interesting than any- 
thing at Caesaria *,r Crpcr- 
naurv it al«n bnnstr. tb 0 niK 1 
splpodid osa ir floors, beautifully 
preserved masterpieces of their 
kind. 


EDUCATIONAL 



A TRADITION OF SUCCESS 

11 DAVIES, LAING & DICK 


1NDEPENDENTSI.XTH FORM COLLEGE 
Offering Group and Individual Tuition forGCE 
A and O Levels Computer Studies 

University Entrance . Re-Take Courses 

Enquire Registrar, It) Pembridge Square 
London, W 2 4ED. Tel: 01-229 9591/2/3 


TRAVEL 


*★+*★*★**+*+★★**** 


i The City of the Lake 

* ~Anne Gmgg 


Father of the herbaceous border 


WILLIAM KOBLYSOiV is often 
called the father of present day 
English gardening. He is said 
to have given us the herbaceous 
border and the wild garden, to 
have opened our eyes lo the 
superiority of natural methods 
of plant arrangement over 
formal patterns and to have 
persuaded us to abandon tender 
in favour of hardy plants. Yet 
apart from what was little more 
than a caricature by Geoffrey 
Taylor in “Some Nineteenth 
Century Gardeners” little has 
been written about the man 
himself or about his parents 
and upbringing. 

This serious gap in our 
knowledge of our own garden 
history has now been filled by 
Miss Mea Allan in. her latest 
biographv “William Robinson, 
1835-1035“ just published by 
Faber, price £10.50, . ClearJ.v. 
Miss Allan has fallen under the 
spell of her remarkable subject 
just as many tiid who knew him 
personally during his long life 
and there are occasions when 
one feels that she has loo 
readily accepted him at his own 
valuation which was never low. 
Yer, reading a little between 
the lines, an astounding portrait 
emerges of a man of incredible 
energy who, though profession- 
ally trained as a gardener, was 
in fact a boni publicist and as 
soon as he found his true talent. 
■rose rapidly to fame and 
influence. 

His father, a land agent in 
County Down, deserted his 
'family when William was about 
10-years old, eloping to Ammca 
with Lady St George: the wife 
of his employer. William did 
not see him again for 22 years 
when he visited America with 
his brother James. No account 
of the meeting exists but his 
aunt. Sarah Handheld Robinson, 
who paid the expenses of their 


GARDENING 


ARTHUR HELLYER 


journey, said that they 
demanded money from him and 
returned quite well off. That 
was in 1870 and it is perhaps 
uo coincidence that the follow- 
ing year he was able to launch 
his first . magazine, “The 
Garden,’' which achieved 
immediate success and provided 
a vehicle for his ideas for many 
years. . _ 

Robinson started his working 
life as a garden boy at Curragh- 
more. the home of the Marquess 
of Waterford. Later he went as 
a student to the Glasnevin 
Botanic. Garden in Dublin after 
which he obtained employment 
at Ballykilcavan. St rad-bally in 
southern Ireland. He soon rose 
to be foreman but in the severe 
winter of JS60-61. after a 
auarre] with the head gardener, 
he left in a hurry walking all 
the way to Dublin where he 
obtained from Dr David Moore, 
director of the botanic garden 
a tetter of Introduction to 
Richard Marnock the curator 
of the Royal Botanic Society’s 
garden in Regent's Park, Lon- 
don. There he was engaged to 
take charge of the herbaceous 
ground which perhaps accounts 
for his sacred love of 
herbaceous plants which were 
to occupy much of his atten- 
tion throughout the rest of his 
life. 

Snon be was writinc: about 
gardening in various loumals 
and newspapers including The 
Times and The- Gardener’s 
OironiHle and by 1867 he had 
decided to depend on writing 


for bis jivelibood and one day 
. found a gardening paper of his 
own. In the event he founded 
eight, though not all were 
successful. He also wrote a 
number of books of which the 
most influential were “Tbe 
Parks, . Promenades and 
Gardens df Paris." “Alpine 
Flowers for English Gardens,” 
’The Wild Garden” and “Hie 
English Flower Garden” which 
'ran through 15 editions during 
bis lifetime and was reissued, 
after revision by Roy Hay. in 
3956. In all these activities 
William Robinson liked to be 
the principal actor becoming 
Tits own publisher and distribu- 
tor. employing bis own artists 
and often choosing both the 
paper and the type he preferred. 

He made money and invested 
it wisely in property. By 1885 
he was sufficient!?' wealthy to 
purchase Gravetye Manor, a 
lovely but neclected stone-built 
house near East Grinstcad in 
Sussex and tn spend a great 
deal of money restoring and 
improving it and giving it a 
garden to his own liking. 
Gradually he purchased more 
and more land until his estate, 
extended to 1,100 acres on 
which he improved the existing 
farms ’ and planted many 
thousands of trees in great 
variety to create new woodlands 
both for pleasure and profit. 

He journeyed widely, visiting 
gardens and acquiring ideas 
wherever fae went for his 
enthusiasms were as violent as 
his dislikes. He knew al] the 
leading hnrficulturalists as well 
as many outside the gardening 
circle including Charles Darwin 
and John Buskin, whose views 
on art he greatly admired. 

In 1909 disaster struck. As 
a result of a venereal infection 
William Robinson became para- 


lysed. The man said he had 
frequently run all .the six mtles 
from Three Bridges station to 
Gravetye, outstripping the pony 
and trap thai had been sent 
to pick him up on his return 
from his London office, was to 
be confined to a wheel chair 
for the rest of his life. Tt was 
the cruellest of misfortunes and 
at first he raged against it but 
eventually courage returned. 
He obtained better gardeners 
to help him at Gravetye. includ- 
ing Ernest Markham of 

clematis fame and Pprcy Pirton 
who still owns a nursery full 
of unusual plants at Colwall 
near Malvern. There were 
revisions of 'The English 

Flower Garden” tn be super- 
vised. occasional journeys 
abroad and constant correspon- 
dence with or visits by his wide 
circle of friends. 

His views remained as 

idiosyncratic as ever and are 
fully revealed in his books. 
Though he planted conifers 
freely in his wnodjands he dis- 
liked most of them in gardens, 
felling some fine specimens of 
wellingtonia when he purchased 
Gravely*. We constantly re- 
riled formality in garden 
design yet made 46 rectangular 
beds in the West Garden at 
Gravetye explaining, when 
questioned, that it was for- 
mality in planting that he really 
disliked. He also enclosed a 
large kitchen garden in a high 
oval wail, a beautiful conception 
though not highly practical 
since straight rows of vege- 
tables and fruit trees are most 
conveniently disposed in a 
rectangle. 

But then in Robinson’s day 
labour was cheap and Its con- 
servation scarcely considered. 
He would have bated the world 
as it is today. 


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8 


BOOKS 


Financial Times Saturday. August 21 1982 ««r : 





ACTI 

jatter 

monf 

defiec 

teces: 

prote 

perfo 

outsii 

- T hi 
achie 
grour 
rices: 
iinduc 
-fallin 
‘etnmi 

Ificatic 
J :‘:shal 
price 
more 
ajxecl 
tr 
• Las 
Wbolt 
fdrei? 
Bjut t 
year ! 
19S2 
ably 
Minis 
is wo 
doubt 
adopt 
Sfr At 
Eiann 
Lang' 
f-Tht 
crisis 
sfente- 
fpreij 
Dte 

(by c 
tfon. 
carre 
eXpoz 
toe re 
away 
into t 
cuitu 

and f 

SUet • 
KrazL 
: Tbf 


Jorrocks rides 




Glittering vices 


BY GEORGE WATSON 


BY RACHEL BILLINGTON 


r . .- V r ‘ 


Byron 

bv Frederic Raphael. Thames 
and Hudson. £8.95. 224 pages 


odd of 


Tile Sporting Worid of 
R.S. Surtees 

by Jobs Welcome. Oxford. £9.95. 
204 pages 


scribblers, insisted on a 
pseudonym and was delighted 


Perhaps Surtees did have Ms 
revenge, after both he end 


Mr Sponge’s Sporting Tour 

by R. S. Surtees. Oxford 
Paperbacks, £2.95. 500 pages 


that he was not recognised on “Nimrod” were in their graves, 
the field. “An author,” he com- Per his great creation. Jorrocks, 
merited, “as a troublesome a figure of what is generally 
character in the. country.” called Dickensian robustness, 

Mr Welcome tells ns, in this «*> *** 

readable new account of Surtees, system* Jorrocks 
The George Inn, Crawley, S»rsjjack be is J*scnfc«i f 
charged 9/3d plus If- tip for one wobbling like a “ 

day’s staling in 1830. Such red Noyeau jeHy." His language 


nose put out of joint in London seems likely enough that all 
society by the Duke of Welling- three accusations were tree. If 
ton (no less} after Waterloo; that is right— and it cannot be 
and a disastrous marriage to a far from right — then the 
prig, followed by exile and elaborate implication of Ms 
Venetian debauchery before he poetic masterpiece Don Juan. 
wa s 30 , to die in Greece as a and "of many raf.hds letters, that 
martyr to a new nation. Thai he was expelled from Eng l a nd 


JiSjSS 


Byron lived fast- 1111 Venetian debauchery before he poetic masterpiece Don Juan. 
Frederic Raphael, who is better was 30, to die in Greece as a and 'of many <rf. his letters, that 
known as a novelist and TV martyr to a new nation. That he was expelled from Eng lan d 
dramatist than as a biographer, he should also have happened to. in 1816 for mere philandering 
keeps up the same breathless be a great poet might hardly needs to be seen as the diver- 




Hunting has produced some eminent pink coats as “Nim- delves into the furthest jungles 
remarkable literature An hunting correspondent of printed cockney: . 

excellent description of its tf -I the Sporting 2 Magazine and "Here. for five-and- 
addictive nature from a regular ^r e _^ -s-fi ha(J j 0 thirty years, have I been an 

contnlmtor tt The Field in (he ^ t0 aV Mda'^itors. UmieatfoUower of <*ase 

Manv others did the Game in- T-tovpd it, ah eavens! for its 

“^ lday i Octolber 1 ^ t ^ L A wet augnrating ' in their home-sick- own sake, and not from an 

chilly day mat must have French hunts hanaous longins arter him- 

been detestable for grouse or ^7 Ufe a for mortality! and now, when 

partridge driving, impossible BoSomfe. greatneSs has been thrust 

for covert shooting, hateful dan- Sp^bE-when I shines forth 

at Sand own, and more miser- But hunting was most dan- MFH to think that all 

able than all indoors. Yet for 8* of aD for its addi^ve ^ ST ” 

forhuntl^. U « quite No it tat 


contributor to The Field in the 
18S0s: 

“Friday, October 19th. A wet 
chUiy day that must have 
been detestable for grouse or 


flee to France to avoid creditors. 
Many others did the same, in- 
augurating, in their home-sick- 
ness, strange French- hums 


uceu ueiwwwe xwi giguM! or i,-r„ _ r__ 

partridge driving, impossible l™ 12. tjSSZ 


^ m%rt SinThaSil the locate around Boatogne^ 
at Sandown, and more miser- Bu * hunting was J most dan- 
able than all indoors. Yet for Seroas of aU for its addictive 
foxhunting, it was quite qualities. No real huntsman 


if j^eps up the same breathless be a great poet might hart 

B pace in this new and illustrated seem worth bothering with. 

life. His lordship covered more 

B ground and more paver in his — -*v-_ ■ .v- 

Y y 36 years, as his new biographer 
jf~ST WfS ^*S&-m*sE2i remarks, than anyone can easily " 

\0 handle. His feverish years are 

easil y handled here, all the 

J *xhis book is as easy to read , 

^=====J rr^T?! as j t may have been to write. ' W' : >•• ^ -j 

.^=gj Only sparsely documented, it 

wastes little time on the poems, 

and cot much even cm the . 

Jettcrs But tton a patient and . _ , .-.A- ££ 

. , , , dedicated American scholar, gyg. . . :;,&•'*£? : :jm r t M£& 

Mr Sponge’* addict™ pressor Leslie Marehand. has gg£w . f f .VTrMS 

already edited the correspon- ^ -? WM 

... j c _ dence and documented the lue |SL - ' '• --IM 

spectacles divine: and Scamper- works w wnJcfa Mr R^ihael •; * •. 

dale's cbaracterpMfectly odious f e * er0llsl7 d€fers . .- V ' /'.> M 

and admirable. Surtees, here, <pjj e new biographer shares ■-■'’Jm&i 


swaary' gesture of a skilled 
oonjoror who artfully distracts 
attembtn from the tiling he is 
reaHyat. It is an old trick, and 
a good one. The simple truth ■ 
is ithu in Regency London the ; 
sixth Baron Byron could hare 


BY ROBIN LANE FOX 


Society and the Holy in 
Late Antiquity 




Mr Sponge's addiction 


PiX'Jt** 
:v»i Vr / 


a piSred a T^New iorS S1SKSS •TEWIZ**' shares 
a pri? to 2SSS, SuSes' owTpape?, tot* advantage of intimate B^./Se for ai^ancy, and 

cbase began. Afterwards, nwPT ? hands* 1 Robert did nothing to benefit its knowledge of a milieu where +3^05 a knowing pleasure in his 

h* 1 * ^ n?n c^jth Surtees avoided penury creator. Jorrocks was co arse, everyone, from high to low. ^ ghl y ambiguous disdain for 
cold had no place — m a ^.w- onutn burtera avmaea penuiy ... _ hinifl an mfh animate included. appears nf which neer 


philandered to his heart’s con- j, v p e t er Brown Faber it Faber. 

tent, or at least as for as the £10.50 347 pages 

patience of the duns allowed; T . ... 

and nobody would have minded, .. . 

and few enough noticed.' But Some fine scholars nave left 

he committed acts that are dls- great works on the later Boriun 

approved and illegal even in Che empire and ti»* rise of the 

supposedly tolerant wortti of baitaliai - unwtomi. Peter 

England today. 1* was not 

really so oatrageous of. En^and Browns have de range and 

to have sent him forth to visual sense, the -®re^K» «ad 

wander, then, and at Is fax from conciseness which his rivals' 

dear tiiat hte last eight years of writs sometimes lacked. His 

lS2f5S^.t^?£2ff«dSr conten*™ were wpportrf by 
against the gram of Ws inoma- ^ 

taon or the profit of his genius. a 
The character and the poetry compiled an 1973. two **** ® 


from high to low. 
included, appears 


cow nan no piace-m a pow- undignified, stupid, an MFH animate included, appears 

hMn wanned 


But tiien “Brooksby" (his hSttheTa^ybo^ie 7nd for- ttan could hardly please toe 
pen-name) was tihe distinguished tune (not great). He -trained as self-conscioim ranks of toe 
officer and gentleman. Captain a solicitor, then abandoned the ___ „ H _tv 

Edward PenneU-Elmhirst who law to write. But his addiction 

antem»ted his hunting career to hunting, increased by his be- successful novel. Mr sponges 
for the Boer War. coming MFH of his own hunt, SportmgTour (now reissued in 

Earlier, in his Indian service meant that he coufld never see World s Classics). It _ hears corn- 
days, he had been toe MFH for his writing as anything but of P&rif*® Dickens or 


“Flat Hats'* became mad be- he was always by his ow; 
cause they hunted too long in ^ insistence a part, 
too much mud and drank too « meree s vet again. 


Surtees did write one entirely much port afterwards, or 
ccessful novel: Mr Sponge's whether they were drawn to 
torimg Tour (now reissued in such a wild and glutinous way 
orld’s C lassic* ). It bears com- of life because of inherent mad- 
irison with Dickens or ness, it is hard to say. But cer- 


\r$M 


a ays. ne nao oeen cne mra ior jus wnaus no uim. - - u;. 

the Ootacamund .Hounds, secondaiy importance. Naturally SSuJJ!* fv toe 

Surtees, himself, recognising it suffered from a lack of proper mended toe Flat Hats as fields sudi a cast of. to say the 
■ •- — e.- '—o ^ — .. — “ delightful : thore fellows in least, eccentrics. 


journalism 


for attention. 


Third world crusader 


BY CANUTE JONES 


highly ambiguous disdain for The character and the ] 

an EstabUshmeot of which, peer 'ySBa§pi§£ are always intimately tw 

and man-about-town as be was, Both in life and in print 

he was always by his own choice yns "Witty after -the fasiri 

and insistence a part. What ,, A3SMB the hi^dy sexed. and bi 

emerges, yet again, is the ^ '^.y stirs this biographer, 

dazzling image of the first and ‘ 0®“® before him, -ft 

greatest Parlour Pink of modern O-i&Zfi ^ 23*S?..v . entirety undersfeaialable 

tones. An - iconoclast who be- : f - T-. There are moods in wind 

came an icon." Mr Raphael . of nothing J 

neatly calls him, in a charac- ■:.= ./ *♦. A. .- V- »• • -« than. to have been a gifted 

tens tic backhander that pins r . * L f But there are blotches, t< 

his subject like a butterfly to a 1. ‘ ^ > the canvas of Ms beauty 

board- The list of such men _ . . just toe dubbed foot b< 

is lon« and fecund in modem ««*ge Gordon tM Byron, 4th bornwfth, at this distance 

times "after alf and includes Baron, from an engranng after a romantic than <fisfiguranj 

Sartre. Bertrand Russell and drawing by G. H. Harlow ’ a longstanding tendenc 
Picasso. Iconoclastic icons do -corpulence and a painfu 

matter, as a type. The book The book is endlessly nerability to piles. Nothin 

adds nothing to our knowledge irreverent, as if toe charge of make a romance of that. 


The character and toe poetry c o m piled in 1972. Tw sets of 
are always intimately twinned. lectures . (in America) brie 
Both in life and in print Byron recently- followed ' these Into 
was witty after toe fisteon . of print . ^ somewhat eSuatve 


\ ■$*:-?*?? : v x' 

v': r .?: • » f ■ : .yf 

1. * •«'. .'. 

George Gordon Noel Byron, 4tb 
Baron, from an . engraving after a 
drawing by XL H. Harlow ' 


le oiawi wra y: 

others before him, to an the other more man a geab le (The 
entirety understandable envy. Cult of Saints). '/_ ■ 

There are moods in wtech one new voiutne coBects 

chi toink of nothing better ««,»-. work* of toe 

than, to have been a gifted rake, ^ow* 

But there ere blotches, too, on *B7Ds, aDd xegiriids a is aeons 


the canvas of his beauty: not tour-de-force on toe Christian 
just toe dubbed foot he was pillar Saints and holy men who 
born wfth, at this distance more ^ jepeUed Gibbon. The range 

rog ? na !, Ui awesome, from GSMk®-, 

a longstanding tendency to . . 

-corpulence and a painful vuV intellectual context .through. 

- . _ -, t- .L CmiU W.mka anl hi, 


endlessly nerability to piles. Nothing can I Hexai Pirenne and his theories 


Jamaica: Struggle in the 
Periphery 

by Michael Manley. Third Worid 
Media/Writers and Readers 
Publishing Cooperative Society 


the problems of trying to effect Puerto Rico model and the 
changes in the social, economic. Cuban revolution, hath of which 


simply the point of toe 
Third World dilemma.” 


of Byron, but reads glittering^': reverence were much to be But 4! 
and seems meant to do no feared. As Mr Raphael puts it romance, 
more. superfluously on his last page, makes n 

The glittering prizes of aristo- he remains always this side of otherwise. The trouble 4s that 


Raphael 


about toe Arabs’ impact from 
secondary works in Ri arf an And 
Czech to primary sources In 


superfluously on his last page, makes no attempt to suggest [ aryi nr«dc The intel- 

h* npmairre -hie Tha lie 5ynae aiMl Gree*- ID® MHC! 


and political perspectives of were unfolding in an atmo- The book does* give an in- ^tic life properly fascinate idolatory in regard to Byron 

toe 2.2 m people of toe Com- sphere of Increasing dependence terestxog insight into practical Byron's biographer as much as and his works. Odd of him to 

monwealto Caribbean island. on foreign powers? " problems of government by con- they did Byron. And yet. though ^ay ne xt to nothing jaboot^ toe 

This is more than a conies- * - ^ “ jl — ;t 


usually 


lectual level is high, tun the 


Ltd. £3.95 (paperback). 259 pages sion of errors of political presentations is in MitHtnng the been traditionally polasnised by 
* " — — “ leadership: although many see- problems of the International the religion of politics. Manley 

Michael Manley, toe farmer tnons read, like a litany of poli- Monetary Fund — where he admits to what amounts to a 
Prime Minister of Jamaica, tical misjudgments. In the end, apparently few friends — in failure of firm leadership. 


Jamaica, 


teresting insight into practical Byron's biographer as much as and his works. Odd of Him to Byrotacally witty -than merely sympathy and human- interest 
i foreign powers?” " problems of government by con- they did Byron. And yet though say next to notomg about toe flip. though sometimes wouWsw^wgengM wader 

«ie in a sociatv winch has the famous story is retold here poetry. But then it most be shrewtoyso. No spider could throng} subjects vtoch nave 

Among his. most persuasive “iSSTirtSfl bJ innovStet’s style, it never reads admitted that Byron would have be moJe fly than he," be never, perhaps. Wj ^ 

in the least Like a novel. The been a famous man even if he remarks of one of Byttm’s before. Why smklenty did toe 

igjSVLgL SeSS *re too improbable, for had never written at alL The seductions. The book does Byzantines tanknpMi Jgw 

admits IO wnat amounts ro a til iw anH hit V mctnmc? What. indMl 


failure 


leadership. 


one thing. For another, there Greek adventure alone would 
are far too many of them. No have guaranteed «t; and it is 


flip, though sometimes would sweep any general reader 
shrewdly so. “ No spider could through subjects which have 
be more fly than he," be never, perhaps, ragaged him 
remarks of one of Byrtm’s before. Why, suddenty, did toe 
seductions. The book does Byzantines break up their icons 
nothing whatever to dignity its and holy pictures? What, indeed. 


theme. 

reader. 


And tt 
though 


leaves toe is an icon for? Why was justice 
Criffingiy in toe early Middle Ages some- 


have problems in co mmunfc at- to which small, poor states can 


are structural and fundamental, pronouncements mat lent 
The right demand climate can colour to toe propaganda which 


this to chew. Childhood in Ions at the same time. 


amused, with a nagging doubt { times a trial by ordeal? Above 


whether one should write a f ail, how 


the people of 


ing his ideas, but this is not effectively avoid today's politi- provide the framework within toe opposition was working 

what one would expect of a cal reality of being a client of which production increases but assidously to establish in the 

man who has been a journalist either toe East or toe West it cannot as it is assumed tn do country. Equally, some members 

and trade union leader. Is there, in fact, any hope of in a developed country, create of the right were making state- 


Aberdeen, sehool 


Harrow The scandal of Byron was book without having something 1 Christian Syria and Egypt come 


*» wmen proauenun increases dui assiaousiy ia esiamasn in uie - — — ~ - .. whiv x n 

either toe East or toe West it cannot as It is assumed to do country. Equally, some members Cambridge: then poetic fame at his lifetime of pederasty, incest something freshly is, in toe 

Is there, in fact, any hope of in a developed country, create of the right were making state- wit h Childe Harold, and h is and sodom y in marriage. It end, quite enough. 


Certainly, absence of clarity, these countries enjoying even a 


increased productive 


eloquence, and persuasive argu- modicum of economic indepen- capacity. The baric premise of 


ment is not evident in this, his dence? 

latest book. It deals with The solution is in what 
Manley's eight years (1972- Manley calls a "third path.” 
1980) as Jamaica's Premier, and He writes: “The question was: 
records — sometimes with too did Jamaica have no options 
much attention to minutiae — between toe experience of the 


dence? an IMP formula, therefore, is adopt would virtually be 

The solution is in what misconceived in toe Third meaningless.” It was not stir- 
Manley cabs a " third path.” Worid situation. Given toe prising, therefore, that Manley’s 
He writes: “The question was: need for toe development of political supporters were 
did Jamaica have no options .productive capacity, typical two themselves confused about what 
between toe experience of the or three year IMF agreements toe “ third path ” meant I 


is m wfaai 
“third path.' 


productive meats that seemed to imply 
premise of that any socialism we might 
turefore, is adopt would virtually be 
the Third meaningless.” It was not sur- 
Given toe prising, therefore, that Manley’s 


with Robert Peel, university at threefold. He was accused in fresh to say. and whether saying torespert toe unkempt holy men 
Cambridge: then poetic fame at his lifetime of pederasty, incest something freshly is, in toe of pillar, cell and desert, and 
24 with Childe Harold, and h is and sodomy in marriage. It end, quite enough. to fight so furiously for fzag- 

— — — meats of their dead botoes?. 


Fiction 


Course on the 1950s 


third path 



BY ADAM MARS-*JONES 
The Groundling 


with them. When she finds that This is quite a week for ' 
Claude and Stella have broken period settings: the stories in 


On these and. many other 
topics. Brown is not afraid to 
generalise. His views are not 
by any means the last word, and 
like all good notions, they are 
beginning to be challenged now 
that their first shine has worn 
off. Many of his interpretations 
will have to be modified (as he: 
himself will be the first to 


by Meredith Daneman. Michael ^JgZ****^ t5k£f^ a< 5 bwLeriS welcome), but toe replies will 

Joseph. £7.95. 186 pages ^3°^- she wU reumte “ me ^bgh sources and 

them ' 1932 andI9«2. They me beenti- ^ whito be first restored 


The 27 th Kingdom 
by Alice Thomas Ellis, 
worth. £7-95. 159 pages 


The last third of her novel, 
which is given over to her pur- 


pieces 


thoughtful and sad. free of 

rhetoric or pathos. Mr Yates's JL°J 

cnof-isi ciriii ic “ n °l onl i a ™d and appeal- 


FINANCIAL TIMES CONFERENCES 

Unit Trusts 

~ the wgy ahead 

, October 1 3, 1 982 
Grosvenor House— London 

Jointly sponsored by Money Management and the Unit Trust Association 
and arranged by the Financial Times Conference Organisation, this one-day 
conference will assess worldwide investment possibilities, with special 
reference to the use of unit trusts. It will be of particular value to financial 
advisers, insurance brokers as Well as unit trust fund managers. Under the 
chairmanship of Mr Mark St Giles, Chairman of the Unit Trust Association 
and Mr P J Manser, Managing Director of Save & Prosper Group Limited, the 
high level panel of speakers will include:- 


liars In Love relationship with the lover- 

rT? “ e _ „ crossed stars begins to seem 

by Richard Yates. Eyre Methuen, unbalanced when she moves in 


suit of this dream, falls short of rhetoric or pathos. Mr Yates’s 
what goes before. Judy’s adult special skill is reversing toe 


£7.95. 272 pages 

Control 

by William Goldman. Hodder 
and Stoughton, £7.95. 205 pages 

The “groundling” of Mere- 
dith Dan email’s second novel is 
an Australian 12-year old called 
Judy, who becomes involved 
with a pair of English actors. 
Claude Williams and Stella 
Mann (Mr and Mrs Macbeth, 
when Judy first sees them) In- 
stall themselves in Judy’s 
mother’s house; Claude as 
lodger, Stella as clandestine 
visitor. 

They bring with them, of 
course, romance and excite- 
ment. since Stella's husband is 
also in the cast; but their real 
gifts to Judy are the glorious 


Australia gives way to an ^ 1876, for instance, the 
alm o s t-contempuiaiy . Englan d, word • “ commute ” as a noun) 
admired by Judy for its resis- that you would never guess, 
tance to bush-fires and flooding. This turns out to be part of 
The balance of toe books works toe point; only towards toe end 
supremely well when Claude and „f toe book are the different 
Stella are the exotics, far from levels of time revealed to the 
borne, and when Judy^s ruthless reader. Mr Goldman is astute 
teenage romanticism is already ^ make the facelessness of his 
a fair match for their vulner- writing a technical necessity; 


able self-absorption. 


and there is a definite frisson 


Janguage she beam them speak woTldty ^W. V^^rove; 


on stage, and the adult emotions, 
both mannered and deeptyfelt. 


which she is privileged to wit- miifonnly dishonest. Valentine's 


ness. Her growing-up is a 
crash-course in Shakespeare and 
Noel Coward. 


When the touring company unsettled, too, since fic- 

moves on from Sydney to Mel- tom-reading is an eminently 
bourne. Stella and Claude stay worldly activity; but lucidly this 
with Judy’s reprobate Uncle - J - j — » 


Mr Mark Weinberg 

Deputy Chairman & Joint Managing 

Director 

Hambro Life Assurance pfc 

Mr Vincent Duggleby 

Editor of “Financial World Tonight” 
and “Money Box” 

BJ3.C. 

Mr Jeremy J C Edwards 
Managing Director 
Henderson Administration Limited 


MrG T Pepper 

Joint Seniorpartner 
WGreenwefl&Co 


Mr Peter Hayes 

Managing Director 
Plan Invest Group Limited 


MrTim Milter 

Marketing Director 
Framiington Unit Management Ltd 


Les, and Judy contrives to visit always has the best jokes, 
them there. This excursion Spoiled, self-indulgent Aunt 
coincides with the trauma of her Irene has so many good jokes, 
first period, and with her dis- in fact that she becomes a 

coveiy that the affair she has problematic figure; her wit 

idealised is not what 4t see m s, seems to be imposed on 'her 

Claude, in his cups, becomes from outside,' and her IQ 

violent; the bruises Judy bad doubles every time toe tries to 
in the past ascribed to Stella’s be funny. (This must be un- 
husband were, in fact Claude’s -usual, even in Chelsea.) None- 


handiwork. 


Still her obsession with the novel, whose debt to Murid 
couple holds, and when eveatu- Spark would be less notice- 
ally she travels to England, able if the setting was not 
she dreams of being reunited London in the 1950s. 


relationship with the lover- readers’ sympathies from para- 
crossed stars begins to seem graph to paragraph with mini- 
unbalanced when she moves in mum manipulation, .and his 
with Claude, so as to prove to ‘touch is sure. 

Oxfort teLTSSZ 

“? partners. Control contains passages set in g Qns all-comers in a wav 

1876 and I960. tooShtoe style .■£ ^nefto ^ \£erie££ 
toe period setting, too, as 19o0s j s ^ insensitive (a character has -j-,— achieved. 

Australia gives way to an ^ 1876i for instance, using the acmeven. 

aimost-cocrtemporaiy England, word “ commute ” as a noun) Since toe late 1970s, Brown 
admired by Judy for ite resis- that you would never guess, has been based at Berkeley in 
tance to bush-fires and flooding. This turns out to be part of the UJ5. Absence, in the 
The balance of toe books works toe point; only towards toe end scholarly world, seldom makes 
supremely well when Claudeand 0 f the book are the different hearts any fonder, but these 
Stella are the exotics, far “ oni levels of time revealed to the essays refute one unfounded 
borne, and when Juay s ruthless reader. Mr Goldman is astute line of attack against a . writer 
teenage ronmnticism is already to make the facelessness of his who aims for the broader 
a fair match for their vulner- writing a technical necessity; approach. Few, perhaps none of 
able self-absorption. and there is a definite frisson his critics know their wav 

The catalyst in Alice Thomas .when his book stops being a through the primary sources for 
Ellis’s The 27th Kmodom is a perfunctory crime thriller, and his period as well* as he does, 
bona-fide exotic, a Wack nun becomes a perfunctory psychic while his updated references to 
^ led Valentin^ e, thriller instead. modem works remain a quality 

' for al1 sturients and scholars. 

He seems to miss nothing rele- 
vant in any language. As they 

\UUt Ir6H6 p RcVPT 6 Du Motncr S ctaiirf rwrhonc thocA ncco'-c 

vorldly sister. Valentine proves stand, perhaps these cssajS 

« « omWractmettt tn W8M ■ ■ . . verge on excessive suotlety. 

' r- ' '-WBm Christians, simply, will be 

jJG local jILu30lL3lltS, VuIO 3^6 mBF 4.1 x-j.. 

miformlv dishonest. Valentine’s If '' . -.-v"'. flHI Christians, given their faith, 

attempted perception E:-'. senptores. and Indoctrination, 

radly rattles the evildoers « ' ■ -^ or Brown, at times, r e li gi ous 

The reader is likely to be a Ml , • - fsetotu ’ ■ t0 506,31 

ittle unsettled, too. since fic- h's ■'.Mi '; H perapec- 

ion-reading is an eminently ^ C ? n ^ 50 

worldly activity; but lucWIy this L . *• - ^ bet ^ een E , ast West 

s a comedy, and the devil Ik ’ $ ■■■M ^ rabia ' *** earl y medievaI 

ilways has the best jokes. K t t . y,- lours - 

Spoiled, self-indulgent Aunt mt " IT". 11 iff ■ Easier answers are dismissed, 

rene has so many good jokes, ■L; " perhaps too quickly, as " decep- 

n fact that she becomes a Hr?- ... ,-^H lively easy." Bnt there is no 

roblematic figure; her wit . ‘ ‘ ■* JiSM deception in toe scope or 

eems to be imposed on her HB';: :'-r:js &r- . quality of the results. Any his- 

rom outside, and her IQ torian will revel in them. To 

oubies every time toe tries to V&K' •. . V . read them is to see at once how 

e funny. (This must be un- Bag - .: , in France, in Italy, in America, 

snal, even in Chelsea.) None- m* ’ ~ and in Britain so much study of 

beless it is an exhilarating Gibbon's chosen period has 

ovel, whose debt to Murid started out over the past 35 

park would be less notice- * years, from insights which 

We if toe setting was not Meredith Daneman: Brown has expressed with such 

.ondan in the 1950s. teenage dreams distinction. 


The catalyst in Alice Thomas .when bis book stops being a 
Ellis’s The 27th Kinodom is a perfunctory crime thriller, and 
bona-fide exotic, a black nun becomes a perfunctory psychic 
called Valentine, sent out into thriller instead, 
the worid by Reverend Mother 
after an embarrassing miracle. 

Established in Chelsea with 
Aunt Irene, Reverend Mother's 


no less of an embarrassment to 
toe local inhabitants, who are 


pure, uttempted perception 
badly rattles toe evildoers. 

The reader is likely to be a 


comedy, and the devil 


• tod ess it is an exhilarating 


Meredith Daneman: 
teenage dreams 


Sponsors: Unit Trust Association & Money Management 


Hotels for leisured nostalgia 


BY BRIAN AGEE 


UnitTrusts 

-the way ahead 

□ . Please send me further details. - 


FINANOALIfflES 

CONFERENCES 


He FtancUr Terns Um&ad Conference Oiganfaaflon 
Mfrstsr House, Arthur Street London EC4R SAX. Tel: 01-£21 13^ 
1 Ubx: 29347FTCONFG CabtosRNCQftf LONDON 

Name ' 

Company 

Address 



Tefex: 


Hotels and Restaurants, 
1830 to tbe present day 
by Priscilla Boniface. HM 
Stationery Office, £4.95. 80 pages 

The Story of The Imperial 
by Gabor - Denes. David and 
Charles. £8.50. 158 pages 

There Is only one Raffles 
by Usa Sharp. Souvenir Press, 
£8.95. 143 pages 

Here — in three new volumes 
— is nostalgia time for anyone 
who is side of toe stereotyped 
tower-block hotel, which looks 
exactly like thousands of others 
scattered round the globe. 

first, a picture book from the 
Stationery Office. It is pari of 
a series which records, mainly 
in pictorial form, 2 remarkable 


range of buildings from toe 
past. 

The photographs come from 
toe National Monuments Record, 
part' of toe Royal Commission 
on Historical Monuments. In 
some cases these pictures are 
toe sole record of buildings 
which no longer exist There 
are many illustrations of toe 
“ grand ” hotels which were 
prompted by the growth of rail- 
way travel. 

Such a hotel was the Imperial, 
described in the subtitle of 
Gabor Denes’ book as Torquay’s 
great hotel. It opened in 1866 
after a bout of what is 
apparently not a modern disease 
in the construction industry- 
delays and increasing costs. 

It is set in a fine position over- 
looking Torbay and has main- 
tained its individuality after 


being -taken over by Trust 
Houses in 1969. 

Apart from the view, it is 
known for its food, especially at 
its gastronomic weekends. So it 
is not surprising that Gabor 
Denes has spattered the book 
with mouth-watering menus, 
and details of toe wines which 
went with the gourmet food. 
Over the years toe Imperial has 
been improved and the present 
building looks completely unlike 
the original, but one world- 
famous hotel looks much like 
it did at toe end of toe last 
century ... the Raffles to. 
Singapore. 

It has been extended and 
modern refinements added, but 
toe lofty Tiffin Room, the Long 
Bar and toe Palm Court all seem 
to be leftovers of a mare 
leisurely age. 


Usa Sharp has plenty of inter- 
esting characters to write about. 
The Armenian Sarkies brothers 
established it as tbe embodi- 
ment of colonial expatriate life 
in the tropics. It is difficult to 
say if they were more eccentric 
than some of their guests- It is 
even eccentric for this sprawl- 
ing hotel to survive in modern 
Singapore. All round it the bull- 
dozers and piledrivens are at 
work creating something called 
Raffles City — more tower blocks 
to add to the others. 

But the latest news from toe 
Singapore Government is rftas 
the Raffles wfll remain in spife 
of that country's shortage of 
land. 

A decision I deck to with a 
Singapore Sting-^toe recipe is 
in toe book. 





X 





Financial -Times Saturday. August -21 19S2 


HOW TO SPEND IT 



by Lucia van der Post 





oia the eye 


jh 



Clouds, Hearts, Hyacinth and Link from Colorolfs Pretty 

. collection 


Cbie 


ONE of the happier developments 
In the hone furnishings field is that 
whereas once upon a time you eould 
be sure that the . higher the price, 
the better the design (and con- 
versely, the lower the price, the 
worse the design), nowadays a whole 
.host of companies operating • at the 
inexpensive end of the market are 
producing home furnishings almost 
all of ns would be happy to use. 

First into that, particular market 
was. of course, the inimitable 
(though many are trying) Laura 
Ashley. She it was who demonstrated 
so forcibly what many of us had 
suspected — that (to paraphrase 
Gertrude Stein) paper is paper is 
paper and that. paper with a pretty 
pattern shouldn’t cost more than 
paper with an ugly one. Laura 
Ashley showed ail those who 
' believed that a small budget was 
inseparable from poor taste just bow 
patronising they had been — and 
what’s more she went on to build 
a hugely successful business empire 
based on the simple premise that if 
you produce good design at prices 
people can afford' they will huy it. 

Coloroll is another company which 
has pinned its banner holdJy to tbe 
same sort of concept, and recently it 
launched its latest range of co- 
ordinating wallpapers, bedl/nen and 
other accessories by John Wilman 
called Pretty . . - Chic. 

It is relatively inexpensive by 
today’s standards with wallpapers 
averaging between £3.20 and £4 a 
roll and fabric selling by the metre 
at between £4.60 and £5.50 a metre. 
But it offers a look that is fresh, 
charming, young and— perhaps ils 
greatest plus — easy to put together. 
The motifs are the simple, everyday 
ones beloved of designers through 
the generations — spots, hearts, 
clouds, flowers, streamers and tiny 
frniL 

in the whole collection there are 
40 different colourways of washable 
wallpaper, 19 co-ordinating fabrics 
and seven of the deslgn/colourways 
have been used to make duvet 
covers, pillou'cases, valanccd sheets, 
ready-made curtains, coolie-style 
lampshades as well as a few acces- 
sories like curtain tie-backs (sec 
photograph left), frills and cushion 
covers which can he used to give a 



Wooden art 


MOST of as were brought up 
with the idea that Jewellery 
was all about money status 
and value. The more It cost, 
the more it proclaimed your 
social standing, the better it 
was. Nowadays, however, 
jewellery is also abput all sorts 
of other things— it Is about 
fun, about art. about work- 
manship. about decoration 
but status, in the absolute 
sense of the word, is usually 
the least of the makers* or 
buyers' considerations. 

The Gallery at Argents 
Design. 82 Fulham Road, Lon- 
don SW3 has always been a 
good place to see jewellery of 
this totally modern kind — the 
gallery has encouraged the 
work of jewellers who have 
used materials that were not 
Intrinsically of great worth but 
whose skill, art and craftsman- 
ship transformed them into 
works of great beauty. 

At the moment there Is an 
exhibition showing the work of 


some Jewellers who work is 
wood and china — materials 
that in times gone by would 
have been considered far too 
prosaic to warrant the term 
“jewellery.” As you can see 
from our sketch below Peter 
Chatwitl and Pamela Martin, 
who have made the piece of 
stained and laminated syca- 
more, have a fineness and 
delicacy of touch which trans- 
forms the wood into exquisite 
pieces. 

The beads and earrings are 
all made of finely laminated 
and stained layers of wood, 
put together in the most 
intricate and delicate nf ways. 
Colours of the necklace and 
round earrings are pale and 
summery — pale creams, 

greens, beiges. The necklace is 
£83, the earrings £13 the pair. 
For those who like their 
colours brighter, the drop ear- 
rings are £23. Also on show is 
intricate porcelain Jewellery 
by Ailcen Hamil ton. 


Cherry vinyl wallcovering and matching 4 Stripe * fabric from Crown 


•‘designer” look finish to a room. 

In the photograph, left, is shown 
four of the latest designs — Clouds, 
Hearts, Hyacinth and Link. There 
arc hedlinen packs (one single 
duvet and one pillowcase, £19.95, a 
double duvet and two pillowcases; 
£29.95) and six-wallpaper packs 
which - would make very easy 
presents. Find the Pretty . . . Chic 
collection in most department stores. 

Crown is a wallcovering company 
that I suppose is more usually 
praised for its prices than its 
designs. However, its latest group 
of wallcoverings, marketed under 
the name of Cherry, shows that 
vinyl wallcoverings need not always 
be synonymous with the old- 


fashioned, the dreary and, the 
garish. Crown’s new design director, 
Alan Swarbrlck, has been respons- 
ible for them and they seem to me 
streets ahead of anything they have 
done In the past. The range isn't 
large. There are four hold primary 
colours, red, green, yellow and blue, 
as well as black. The patterns jure 
predominantly geometries hut there 
Is a good selection of florals <1 
particularly like the Cherry design 
after which the collection is named). 
Tbe co-ordinating 100 per cent 
cotton fabrics are in stripes only. 
The collection is in leading home 
decorating shops now. Wallcover- 
ings are about £3.99 a roll, fabrics 
£4.50. 



Switched 


Stuffed shirts 


Sophie CheU is a young 
jeweller who has produced 
this wonderfully witty range of 
shirtfront stick pins. I'm hot 
sure if it Ls de rigeuer in the 
City’ these days to pin the tie 
to the shirt bat if I were a 
man Sophie . GhelTs plus 
would be enough to make me 
wear one. I don’t think she is 
secretly implying that all 


city gents are stuffed shirts, 
more that her pins are an in- 
souciant modern way of re- 
working an old theme. In 
silver with gold touches they 
are £46 each — whether sport- 
ing bow-tie, full-tie, opeoneck 
with chain or cowboy. Contact 
Sopbie Chell at The Granary, 
6‘Z St Mary’s Church Street, 
London SEIti. 



If you, or your children, 
have always wanted to poll a 
radio to pieces and see just 
what makes .it tick, here is 
tbe one Xor you. Packed into 
a sce-th rough plastic en- 
velope. all tbe intricate work- 
ings are ^scattered about the. 
pack in what might he called 
a haphazard way. Inside the 
pack the colours are those of 
Liquorice Allsorls — stark 

hlack. white, fluorescent pink 
and blue, ft also actually 
works — it runs - on 2 HP11 
batteries and receives 
medium-wave programmes. 
It measures 8 ins by 111 ins. 
It is obviously not aimed at 
the hi-fi buff — but as a 
starter set, a piece of sculp- 
ture or a child’s present it Is 
great fun. £13.5!) (pins £1 
p -f p) from Heal's, 196 
Tottenham Court Road, Lon- 
don Y/l. ’ 




Clara Brooks 


Look and see 


Frank Wheeler 


As the prices of genuine Art Nouveau 
pieces rise ever higher jn the antique 
markets and auction houses, so more 
and more craftsmen are beginning to 
realise that there is a huge demand 
for modern pieces with an “ Art 
Nouveau ” air to them. 

Kale Shea has had no formal art 
training but began working in silver 
some years ago, producing jewellery 
and small domestic pieces for the home. 
However, recently she has begun to 
work with pewter because “ I like the 
softness of pewter and ir .suits the 
flowing lines of the Art Nouveau style 


well.” Her mirrors, see in the sketch 
above, certainly have a very authentic- 
looking Art Nouveau look to them— no 
harsh angles, a delight in the flowing 
Hues and in, the art of decoration for 
its own sake. 

Many original Art Nouveau pieces 
were workcd .in pewter which is one 
of the reasons that Kate Shea used the. 
metal for her latest pieces. Both these 
mirrors arc £26.45 each (including 
p + p) and they are available from 
Aquinas Locke, The Pewter Centre, 87 
Abingdon Road, London W8 6 AW. 


You have a 
corporate image 

problem? 

McAvoy Wreford have a new, distinctive approach 
to improving the image of companies. We have 
helped a number of top companies to improve 
the effectiveness of their corporate 
communications. Maybe we can help you* too. 


Mease pass 


IF you discover something newr. 
or create an original dish of 
your owrn, do you feel inclined 
to keep it to yourself or do you 
readily -pass it on and share it 
with as many people as pos- 
sible? 

2 have never understood the 
attitude of people who are 
reluctant and even refuse to 
pass on the recipe of a parti- 
cular dish one has just enjoyed. 
It makes me determined to find 
nut for myself how the dish 
was created and I come home 
and experiment until I get it 
right, or even better! 

The other day I went to a 
restaurant called The Bull 
House, in Lewes. Sussex. The 
menu had a number of dishes 
on offer that I had not come 
across before. We-. -all -chose 
something different, and I 
sampled tbe lot. I was so 
impressed. I asked to meet the 



.CQLUNGtoOOD 

GfONamsisr 

To reel lr» fwiwemerrts of 

cur interoaloro] clientele wa 

would l/MtopurdHaae antique 


guarantee! ron^eteplwmy 

end frunedste payment 

CsSfcjwwij of GandtoSnw? 
46Cbne;'t$ - «B*«;taiid3"V'0l5OHE 
Ao.««y iwv*a C14292304 


owner/chef who turned out to 
be a very young man obviously 
highly talented. 

The dishes were all his own 
creations and. to my immense 
pleasure, he* told me exactly 
how he made them all. Most 
of them use familiar ingredients 
but are transformed into some- 
thing delicious and original by 
skilful additions of- unexpected 
ingredients. 

Sliced SeeS with 
Stilton, Port and 
Horseradish Sauce 

Serves 8 

16 3- or 4-oz slices of sirloin; 
i oz flour: i oz -butter; } pint 
milk; i pint consomme:, S oz 
Stilton; 6 oz horseradish; 8 
tablespoons port, . approxi- 
ately 8 oz butter (lor. frying); 

8 tablespoons double cream; 
thin slices of tomato; chopped 
parsley for. garnish. 

: Begin by making the basis of 
the sauce. Make a'roux .with tbe 
butter and flour, stir in tbe milk 
and ; consomme '-and cook till 
smooth, then add the Stilton 
and freshly grated horseradish. 
Stir well and allow to cooL 
When cooled, liquidise and set 
aside for use later. 

Melt approximately 1 oz 
butter in & heavy frying pan 
over a low heat and seal two .of 
the steaks by lightly frying and 
turning, then remove them from 
the pan to a warn plate. To 
the butter left in the frying 


By JULIE HAMILTON 


pan, add I tablespoon of port 
and 1 tablespoon of the sauce, 
stir well and bring to simmering 
point. 

Put the steaks in this sauce 
and turn them continuously for 
about 1 minute, remove them to 
a warmed serving dish and stir 
in 1 tablespoon of double cream 
to the sauce having drawn it off 
the heat. Then pour over the 
meat — keep warm aod repeat 
the process with the remaining 
ingredients, finally garnishing 
with lomaioes and parsley. 

Serve with a selection of the 
season's vegetables lightly 
cooked. 

Boast Duckling 
with Plum and 
Brandy Sauce 

Serves S 

2 ducklings, 1 pint of deml- 
glace sauce (a dark brown 
veal stock, reduced and 
seasoned); 1 teaspoon 
Worcestershire sauce; I 
dessertspoon soy sauce; 3 
tablespoons brandy; 1J lb red 
plums stoned (tinned ones 
could be used). 

Roast the ducks in the usual 
way, and cut each one inlo four 
portions. Keep hot. 

Stew the plums and combine 
them with all the other ingredi- 
ents, heat and pour over Lhe 
ducks. Very simple and very 
delicious. 


Gossjjons of 

C flickers Breast 

wntfe Bpetsm 'Sauce 

Serves 6 

6 chicken breasts, skinned and 
boned (many supermarkets, 
as well as Marks and Spencer 
sell honed chicken breasts t; 

J pint olive oil; juice of 1 
lemon: I clove garlic crushed: 

1 teaspoon thyme; 1 tea- 
spoon oregano; salt and black 
pepper. 

Breton Sauce 

S pint mayonnaise: } pVit 
freshly made tomato sauce: 
t tablespoon chopped French 
tarragon; sail and popper. . 
Slice each breast into four 
thin slices and marinate them in 
lhe oil. lemon and herbs for 
1 hour in (he refrigerator. 

Prepare Lbe Breton sauce by 
combining the cold tomato 
sauce with mayonnaise and 
tarragon. Season to laslc. Coat 
the chicken breasts with flour, 
egg and breadcrumbs and deep 
fry for approximately 2 minutes 
until golden brown. Serve the 
Breton sauce as you would 
tar tare saute. 

Pecan aad 
Honey ?3e 

Serves H 

This is one of the most 
irresistible, it fattening, des- 
sert I have tasted for a long, 
long time. 

Pale Sablee 

4 1 uz plain flour; 3 ' oz caster 


sugar: 1 oz ground almonds; 
grated rind of } of a lemon; 
3j qz butter; 1 egg yolk: 1 
dessertspoon dark cane rum. 
For the filling: 

ft oz sugar; 3 tablespoons 
wai.-r: 7 oz pecan nuts; 1 
tablespoon clear honey; i 
pint double cream whipped. 
Mi:: together the flour, sugar, 
ground almonds and work the 
butter in by hand. Make a well 
in the middle, combine the egg 
and rum together and tip into 
the well. Willi your fingers 
work to a smooth paste, roll 
jmo 3 ball and chill for i an 
hour. Grease an S inch flan tin 
and line it with the pate sablee. 
Bake blind at gas mark ' 3 
(325F1 for approximately 20 
minutes. 

Tu make the filling, melt the 
sugar with the water over S. 
senile heat until caramelised. 
Remove I tom heat and add the 
pecan nuts and honey. 

Mix well -together and' tip 
into a bowl to cool, then fold 
in the whipped cream 
thoroughly. Tip this mixture 
into the flan .case add. chill, for 
1 hour. - ■ ■ 

Here is a new omelette, very 
light and rather 'different. - 

dsseSette au 
Gaftic de 

Peovcug© Nouveau 

2 ergs per person: 1 heaped 
tablespoon Ihiek mild yoghurt; 

I large clave fresh garlic; 

’ teaspoon fines herbes; 1 
scant tablespoon of olive -oU; 
salt and pepper. 


yoghurt, and herbs, season with 
salt and black pepper. Peel and 
very thinly slice the new garlic; 
fry it in an omelette pan in the 
. olive oil over a fierce heat, until 
it just begins to brown, then tip 
in tiie egg mixture. Stir until 
nearly set, let the bottom brown 
very slightly; fold over and 
serve at once- 

Sometimes a new discovery 
is so simple that it is hard to 
believe it has not -been done 
before. 

I was having supper at a 
friend’s home . when she 
knocked up the following black 
cherry sauce to serve with the 
cold turkey and ham. What a 
transformation! 

Kay's 

Cherry Sauce 

Make a roux with flour and 
butter, milk and the juice from 
one 14 oz tin of black cherries. 
Add some cream and 2 table- 
spoons of tarragon vinegar, 
Seanson with a little salt and 
fold in the whole stoned black 
cherries. Serve cold. 

. Should you be serving simple 
meat grilled or even barbecued, 
arid want a selection of cold 
salads to accompany, try this 
-new pasta-, salad.- -Cook- -some 
pasta shells fthe Italian 
eonchigliette) and toss them in 
fiTTve ’ oit. Shred some smoked 
salmon pieces or even cooked 
.smoked .ham and. mix_jn with 
the pasta. 

Cover with fresh yoghurt 
-fliome.niade- te.be^) r Md'-Plenly~ 
of black pepper. Mix .well -and 
serve. 



Copies of this booklet, 
describing our approach, are 
available from:- 
McAvoy Wreford 
& Associates, 100 Park Street 
London W1Y3RJ 

or telephone 01-499 2750/2647 

McAvoy 4 
Wreford 

& Associates 

- Consultants in corporate c ornimmfc a BOfl S 





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groiir 

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-;fallin 

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f’fipatit 
*?‘;shal 
price 
more 
'direcl 
ilie tr 
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wiholf 
fdreig 
$Jt t 
years 
19S2 

ably 

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Brazi 
•Thf 


Financial Times Saturday August 21 1982 


ARTS 


Talking about music Darkness descends on the London theatre 

by b. a. young Michael -Coveney discusses the plight.of the West End 


Antony Hopkins gave the last thought, quoted in the Radio 
of his present series of talks Times: "I could sit now at a Although the tourist trade 
on Wednesday, and his fans will P ,ai10 31,1 d probably ' KT j te 0f ?5 has reported a boom in London 
miss him in his absenrp Ttut hundred tunes a day. and they d over ^ past few weeks, the 
. , all be different.” So they would, theatre world is reeling from 

they won’t be without compensa- « different as one loaf of ^ crisis to another. Business 
tions. Last Tuesday, for example. Mother’s Pride from the next. ^ middling to poor in most West 
here were people talking about i was hooked on a not very End theatres. ' save for a 
music on three out of four of interesting programme on handful of musical hits— Euifa. 


the BBC's national channels. Radio 4 last Sunday. The Life Cats. The Pirates of Tenzance. 


■ nnT? „ o} the World to Come . pre- Bcrnum. Song and Dance and, 

On Radio 3. Alexander Goehr ^. aled by Ph y ip C rowe. It was the latest addition to the roster. 


gave the third of his current the fi ret 0 f ihree, and dealt with 
series. Modem Music and the question whether belief in 


W indy City. 


senes. Modem musk ana the question whether belief in It appears that the majority 
Society. I try never to write an afier-Iife is necessary. The Q j tourists are selecting shows 
about music any later than that next lwo vv ^ discuss, whether a j ^ e - National and’ the new 
of Bela Bartok, because hardly ?“ af ^r-life is believable; and BSC horoe in the Barbies, with 
,i_ : if so, what is it like. good support still la evidence 


ml ° r t ' n VP “ i * t The first programme may not for Amadeus (which closes, 
me v [f mean later m the have beeu interesting; but the however, at Her Majesty's on 
aesthetic, not the chronological subject is inexhaustibly, fascin- October 2), for Michael Frayn’s 
sense.! I hope that Mr Goehr, atmg.- On Sunday, four assorted Noises- Off at the Savoy, and 
who talks with clarity and people put their points of view, for the’ star-laden classical 
charm, might help me; but alas, The first maintained that death repertory season at the Hay- 


no. He was dealing whh Boulez, is final: your essence may live J market. 


repertory season at the Hay- 


Stockhausen and Nono. He was on through the recollections of j The physical signs of despon- 


able to tell me why they com- others. 


pose as they do, but he couldn't second, an anthropologist, could 


that’s iL The j dency and decline are unavoid- 


- . . able wherever you turn in the 

make • me accept that the only tell us that throughout capital Nine theatres are 

sounds they make, of’ which he history, pre-history even, there currently unoccupied, or "'dark*’ 

offered small specimens, could was evidence that people — the Old Vic. the Mermaid, the 

give me the kind of heart-and- believed in survival. A psych ia- fortune, the Adelphi, the 


give me the kind of heart-and- believed in survival. A psychia- fortune, the Adelphi, the 

guts pleasure I get from irist (unexpectedly, to me) said Aldwych. .the Strand, the 

Schubert or Mozart. “The pub- at once that he -believed in an phoenix, the Duchess and 'the 

lie don’t accent the new aesthe- after-life. God isn’t going to shaftesburv. The latter- two 


lie don’t accept the new aesthe- 
tic'’ Mr Goehr said frankly. IF 


Shaftesbury. The latter- two 


I work at it for another 20 3° ined h 5’ the fourth witness. 


abandon you. he said. He was venues are up for sale, as is 


years. T may go about the. streets 


thought 


after-life 


the Garrick. The Vaudeville 
has a new comedy starring 


whistling lunes from Boulez, but “absolutely essential," and Moira Lister and Patrick Car- 


not yet. 


evidence- 


gill booked for early September, 


So over to Radio 4. to Paul his dvj w ‘ife. 
Jones, who is a good actor as „ , 


astonished smile on the face of but ff ea rned this week that the 
his dying wife. Vaudeville’s owner, Sir Peter 


well as being wha* passes for a J None of them venture! on a Saunders, is to put firnt theatre 


good pop singer. In his series, description nf what an after-life on the market at about the 

? - ” ** . _ m lil-A TIia CoaiaHP fnti fnma 



Paul lonct on Alusir i saw a might be like. The Society' for same time. 

oromise of what I have wanted Psychical Research, currently Activity and speculation may 

fo?T lone time an Jutherltlc ‘’clebrating its centenary. has he rife among theatre owners 

description and differentiation long been investigating, among and would-be owners, but run - of - tl 

^ thi ^ "ther things, the posthumous nothing can disguise the real operation. 

muric Tear mat p°iKe^ activity of the personalia problem. This is the gradual Meanwhl 

™“ s i‘ Sunday’s programme made no demise of the producer. For able end oi 


It’s just a facade: some of our most famous theatres are dark, empty and up for sale 


Leonard Burt 


run - of - the - mill commercial 


Meanwhile the leas fashion- 
able end of the theatrical spec- 


Unn n iJaI.si : ,U. _ Oli IJltd> d L>i UK I dilllllv* II 10 U v Jill I UIIUUC WI UIC p»uuuvv». * v* auiv W* • — * 

JJjJ that reads l ^is menrion of their rosea rchc.s ] whoever owns a London theau-e irum is also in deep ttouble. 


which have been, after all. less I must face the fact that the Last weekend Tony Banks, arts 
inconclusive than anything I actual product is very hard to chief of the GLC, came to the 


___ nntl . flrfl . Ktr 4 *s-rr T . . I- WllJtll 110% f U'-tTII, dtVvrl 011. .1I1U3I 

snul" I know Vhat’iazzSs I i nconc lusive than anything actual product is very hard to 
frew un S n I iScerelv offered by the historians, the come by. Leading producers 
. . . . . . ... anthrnnolnirists and nxvrhia- such as Michael Codron. Eddie 


cpme by. Leading producers temporary’ rescue of the River* 
siich as Michael Codron, Eddie side Studios in Hammersmith 


"“j li:.| anthropologists, and psychia- such as Michael Codron, Eddie side Studios in Hammersmith 
trials or the Church. Perhaps Kutukupdia and John Gale are with a contribution of £35.0(10. 


r _.. n j IJ|._ - mnntiAYi tkr> II 1010 U( me VIJUIVJI. r Cl linin 1 iXUtimLUlUU) any VV1MI wiui a vvwutvwuvM — * 

we shall meet them in the final I not nearly as active as they The Hammersmith and Fulham 
other subdivisions, but Mr Jones. I m h„n> m h-andat* 


programme. were 10 years ago. Rising costs Council have agreed to translate 

Bernard Levin having finished of production are blamed-— Sir all loans to Riverside between 

f talking about his personal Peter Saunders points out that January and August of this 

take me far. we nearn a demon- pleasures, W e now have John a simple straightforward drama year info grant, and that leaves 


stration of wine-glass breaking s parrow ’ on personal displea- is unlikely to cost less than the arts centre to find £20.000 
by sound, w e heard an extract jje began last Tuesday. £90.000. But the West End within a forminht. Simul- 


fortnight. 


from the Royal Philharmonic rfics mirn hi7u?, with the Post managements also point out. taneously. it seems certain that 
Orchestras next classical medley Qfp ce having warned that his not without bitterness, that the the Round House in north 


(their last having sold 


strictures on stamps were “ not best ' scripts, directors and London will close at the end 


copies). Robert Elrus demon- mean t t0 b e taken altogether actors ‘are attracted, to the of the year. 


strated rapping, and this was seriously." But surely if is subsidised monoliths of the In a letter to The Times on 


1° n ? e ' if T 0 D iA ^ l,sse U ' indeed serious that the Post RSC and the National where Monday, Andrew Lloyd Webber 
talked a bit about the blues, and office should keep issuing these failure can be absorbed in an lent his voice to the growing 


this wasn't. 


boring big stamps when King annual budget and the personal concern over 


Radio 2 gave us Peter Clayton George V. Philatelist Royal, laid kudos that attaches to artists Stephenson's old railway shed — 
on Jules Styne, who composes down that stamps should bear there seems to impress the the Round House is potentially 


good songs for musicals. Mr only the value and the royal [ public and certain sections of the most exciting theatre space 
Styne offers the following portrait. ■ I the media, more than does the in London, but its artistic 


director. Thelma ' Holt, has 
simply run out of steam. 

★ 

No commercial management U 
interested in rescuing the Round 
House — it is. says one of the 
governors. Toby Rowland, 
almost certainly doomed. Row- 
land is deputy chief executive 
of Stoll Moss who runs several 
West End threatres on behalf 
of Robert Holmes a -Court. My 
own feeling is Uiai the building 
is too good to waste and that 
the Arts Council should at least 
instigate an enquiry and initiate 
the possibilities of a creative 
consortium perhaps involving 
black artists. David Aukin of 
Hampstead Theatre and an im- 
presario such Oscar Lewen- 
stein with an internationalist 
track record. 

The new owner of the om 
V ic. Ed Mlrvish. has plans for 
a subscription season, but it 
seems likely that the plays will 
come from whatever is Available 
on the touring grid. Meanwhile 


the Old Vic trustees hgye pock- 
eted his cheque for £550,000. 
About half of that will go to- 
wards paying off an ovvdraft. 
How will they invest the rest ? 

Julian Seymour, co-director of 
Robert Fox Ltd, one of the 
newest West End managements, 
is on the look out for the right 
sort of theatre, nothing, he 
reckons, seating under 600 
people. As a rule of thumb, he 
estimates any freehold is likely 
to cost £1.000 per seat Bo the 
Old Vic trustees are unable to 
proceed with a purchase on 
their own. 

Tony Banks flew an interest- 
ing kite recently, when be sug- 
gested that the GLC might 
create a capital fund hi order 
to buy theatres as the freeholds 
became available. Such a 
scheme would help the Old Vic 
trustees . to make use of their 
money in the way I am sure 
they would most favour. But 
the Banks plan is only at 
embryo stage and not. even 


offiriat. 

But as Ed Mirvisb is certain 
to discover — as James 
Nederlander the new American 
owner of the Aldwych has 
already discovered — owning 
a theatre is the easy part of 
die game. Nederlander has 
booked the new Alan Price 
Andy Copp musical starring 
Tom Courtenay for the Aldwych 
at the end of September, and 
that is an import from the 
heavily Arts Council subsidised 
Royal Exchange Theatre in 
Manchester. The Royal 
Exchange is one of the very 
few genuinely creative regional 
theatres. So there is a strict 
limit to what the producers can 

rely on from other sources. 

- The Duchess is boarded ~up 
with advertising hoardings for 
No Sex Please We're British at 
the Garrick. And the news has 
just broken that the Garrick 
is the object of enquiry from 
an organisation called the 
Women’s Playhouse Project 


beaded by Glenda Jackson and 
Diana ■ Quick. Andmvr Lkjyd 
. Webber, having been thwarted 
at the sales of both the AJdwjreh 
and the. Old Vfavhopevta have 
Us own place aim.-Thc new 
owners of the Fortune, a Derby- 
shire-based coxttertSqa, . have 
nothing to put in that delight- 
ful littie house. And the 
Adelphi Jus nothing pUa&eti 
before Ate touring pr o ductio n- 
of Amde stops, off lor a Christ' 
mas season. ■ 

Against this- uncertain bank- 
grwmd, the vonfc of Sr Peter 
Saunders have a most sensible 
Ting. The disease- of the theatre, 
he says, is not . seat' priewt or 
even the exorbitant prices of 
hotels,- restaurants and London 
Transport. ■ If is the" dilemma 
of the producing : management, 
unable to raise funds. Sir Pieter 
also envisages a time when 
theatres will go tiie way of the 
old variety halls and begin to 
disappear! He advocates more 
support fbr the Theatre invest: ' 
xneht Fund which ha* Invested 
in over 100 shows -in the pasr 
. four years, aiming to provide 
49 per cent of the capitai for 
each production. 

The opening of the Barbican 
suhely signalled the end of an 
expensive era - of post-war 
theatre building. Resource* 
must now be~ harnessed and 
money fpent on the artists and 
their projects without which ho 
theatre owner, no theatre build- . 
ing. can survive. One way of 
doing this would be to open 
up the lines of communication 
between different factions in the 
British theatre. 

There are signs nf this in 
the attitude and endeavnur of 
Ian. Albert head of the Howard 
and Wyndhara chain that con- 
trols the Criterion., the Wynd- 
hams, the Albery and the Ware- 
house. His current productions 
are Can't Pay? Won't Pay. an 
a narchi c farce with a top seat 
price of £6.50 and a student 
rate of £3.50; the ‘Stratford East, 
transfer of Robyn Archer. In 
A Star is Tom : the superior 
soap opera Children nf a Lesser 
God : and Jonathan Miller's new 
production of Hamlet 

At least that programme 
exhibits a taste for lively con- 
temporary work with an nbvinns 
appeal to younger piaycoers. 
For at the end of the day. :the 
politics nf theatre ownership 
and all apocalyptic pronounce- 
ments must take into account 
the single most important factor 
of bll: tomorow's audience. - 


F.T. CROSSWORD PUZZLE No. 4.954 


BBC 1 


. , „ , , Jt , + Indicates programme In 

.4 prize of £W trill be piren to each of the senders of the first bleck and while 

three correct solutions opened. Solutions must he received by 

next Thursday, marked Crnr.&ii'ord in (hr top left-hand comer of 6.25-8.30 am Open University 
the envelope, and addressed to the Financial Times, in. Cannon (Ultra High Frequency only). 
Street. London EC4P 4BY. Winners and solution will be given 9.05 Weekend Wardrobe. 9-30 
next Saturday * Gel Sei. 10.52 Weather. 

10.55 Grandstand including 12.50 


9.00 s-r Garamt Ewan* (S). 10.00 

Hilvcraum Greet* Radio 2 (Si- 
ll. 02 Sports Desk 11.10 Pete Murray’* 


board 10.05 Gatt-nr Your P'raps 10.55 Shot-/ (SJ. 2.00-5.00 am You and 

FroiurA F.lm " Munrrri Of Thr Reef * the Night and the Music (S). 


6.25-8.30 am Open University 
I Ultra High Frequency only). 
9.05 Weekend Wardrobe. 9 JO 


Address 


pm News Summary: Golf 
(11.00. 1.00. 2.40. 3.10): 

Benson and Hedges Inter- 
national Open from York; 
Football Focus ( 12.20) : 
Liverpool v Tottenham Hot- 


spur in the FA Charily fllJIKIJO am Hitchcock: 


Shield at Wembley: Racing 
from Chester (1.50, 2.20, 
(2.50>: Swimming 12.10. 2.40,- 
3.10;: National Champion- 
ships from Crystal Palace; 
3.10 Athletics: CAU Cham- 


History. 900 s,r G ■ ^a,n, E*ran* fSi. io.oo 

on- ptic-hnth Crhu-arrfcnTif LfcW 1 HMl, Hilvcrsum Greet* Radio 2 (SI- 

Schwarzkopf #J0 arT1 Comn Clp „ 9 35 C(JllWf . n.tJ2 Sports Desk 11.10 Pit. Murray’* 
. Masterclass. board. 10.05 Gather Your Pr»*ms 10-55 l*»C Show (SI. 2.00-5.00 am You and 

8.45 Jack Nicholson: A Film ’R2 Peeturi* Film ” Mun.ers Of The Reef • Iha Night and the Music (SI. 

Special in which Jack 5.«5 pm Chips. i.30 nenav ’’ Svrtch- RADIO T 

MifhnUnn talk's to Iain The s *9* A: lie Bouaiti Bar. Starroq nMUUJ O 

Nlcnoisnn talks to lam Robe „ Wnnmtm 755 .m we*th*r. a.00 New., a.os 

Johnstone. Aubaoe (S). 5.00 Ntwi. 9.06 Stereo 

9.20 Chabrol— A Tribute to the CHANNEL RelMW «) W.3D Music for Two 

Master: “ Docteur Pooual ” S.15 pm Puffin s pian.ee 5.17 VACRP D“« W l' l s BBC 

Jr! rr I nr JpSl •« C.«c««at. 5.45 Sale of the Century. Vie'sn Symobony Orehum. P»« 1: 

8 ,«i eaD in 5.15 Mr Merlin. 11 30 Hill Street Blues. M°»n. Pm *'".(SI PR» Intenre! 

Belmondo and Mia Reading. 12.10 Concert, m n 2: Reger. 

Farrow. GRAMPIAN 100 Now * 106 Affetn Qu»tm>c*n. 

11 fln N»u-C nn *1 a - 1 C a i ~il n Z m MfChl (S) ■ 2.00 VlUltltt PhilStl ITIOtlrC 

l Mill News on 2. 5.35 am A lomadh Duthaieh No. 10. rwhomtra ( s '- 3 - 56 Strewmsky: The 

11.05 Golf: Benson and Hedges IO.OO Twin. 10.5O Cfacoerboard. 5.45 Soldi.". Tale (S)5.00J,« Record 

.International Open high- S m n Chips. !°-p Scois ®J 3 " 11 - 30 Req«e»ts (sj. s.*s Dorian Wind 

li Blits. Reflection*. 11.35 Danger UXB. Ouieter (S) 5^5 The Cl* Mica I Guitar 

ft til. 1 00 rj* ; , , l , A n f. . n m ■ na iS). 7-00 The Golden Bird. 7 JO Proms 

Ii.olM.30 am Hitchcock. GRANADA (ram the Royal .Albert Hell, pen 1. 


THEATRES 


GrCMto Miff ST9 oDBI. EwtrS 7 20 
HAT IOHAL SM ASH- MIT • TOANir 


5.4J tin ump5. I.JU nrpiri w itr— DAmn *3 

the 5-ene A: lie Bouzm Bar,” starring MMUIaJ O 

Robert Wanner. 7 55 am Weather. 1.00 Nawi. 5.05 

Aubaga fS) . 9.00 Newe. 9.05 Stereo 
CHANNEL Release (S) 10.» Mus.c lor Tyro 

5.15 pm Puffin’s PUm-c* 5.17 VARP p '» no D “ ,,, k fS, 11 I S ®® C 1 

mc-nemn,,, S.4S 5_el.o( the Century. *£2?": 


ALIUY. NKHi.S •» M78CCSW } 

SbSS ! 

te gar" ~ - 


nhule to the CHANNEL Relea*e (S) 10.30 Mu*.c lor 

eur Pouual ” 5.15 pm Puffin s Pian.cn 5.17 VARP p ’»"’»1 p '» nn 0“«.W 11 ’ 5 BB . C 

jSnSSiil in C.nc.«nj|. 5.45 Sale of the Century. «»! »n Symphony Orehum. Pert 1: 

5.15 Mr Meri.n. 11 30 Hill Street Blues. ^ 9S * n - 0^* 

and Mia Reading. 12.10 Concert, part 2: Reger. 

GRAMPIAN 100 N « w * 105 AffMn Quenrocon- 

.- ,, MSCW (5) 2.00 Vienne Ph,lUtrmotuc 

3 ^‘ m A '°„ m ^ d ^, Dutha : ch ** Orchestra (S). 3.56 Strevinaky: The 


At 7-0. TMS NEW MUSICAL, TOM 
COURTENAY. . A|AN Wig In *NPt 

capt ahoy capy. 

oraham Murrey. Credit card 
01-930 9212 f» line*!- Reduced Won 
booklno* 01 - 1 SB 2751. 


01-417 zpll. 01-714 V96’ 
c-eOJl rjrn rnrmlien-'WlW BOOKING 
TO FEBRUARY S 19*1- 


LYRK HAMMERSMITH 5 CC 01-741 
2511. 01-700 0200 i2«.er*1 Ire; 7 V» 
Thur met I SO. S*r . 4.M APIS Ml 


” Suspicion,” starring Cary 
Grant and Joan Fontaine. 


(S;. 7.00 The Golden Btrd. 7 JO Proms 
from the Royel .Albert Hell, pen 1. , 


STOOPS TO CONQUER. Olhrer Gpjtf • 
emirh's comedy. Directed or WiKO** 


5.25 am Falcon Island 9.50 Sesame Debussy. Moran (SI. 8 JO Whet Booke ; 
Street. 10.50 Clapperboard. 5.45 pm I Pfeaee: John Wain on Christopher i 


3.10; : National Champion- f HNnfkN 

ships from Crystal Palace; bVIlMyil 

3.10 Athletics: CAU Cham- 8-30 am Sesame Street 9.30 
pionships . (men), and Saturday Action. 11-15 Space 
England v : Netherlands v 1999. 

Bel g lorn (Worsen) from 12 .is pm World of Sport: 12^0 
Birmm^iam; 5.00 Final . q„ ^jj e g a jj .ffQ m Wembley 



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ACROSS 

1 Military air traveller? (6) 

4 Bet racegoers include return 
game (6) 

8 Relative meets girl in 
ancient city (7) 

9 Able to be obstinate yet 
show sincerity (7) 

11 Is it mortar used in *n act 
of treason? (10) 

12. In our time it provides an 
opening (4) 


2 Depression is the initial 
cause to see professional 
man (7) 


Birmingham; - 5.00 Final 
Score. 

5.10 Alias Smith and- Jones. 

6.00 News. 

6.10 Sport/Regional News. 

6.15 David Essex’ Showcase. 

7.00 The Saturday Film: 
“Legend Of The Lost,'* 

■ starring John Wayne, 
Sophia Loren and Rossano 
Brazzi. 

8.45 Summertime Special star- 
ring Bernie Winters and 
Dana. 

9.30 News and Sport. 

9.45 Pearl starring Angie 
Dickinson and 'Robert 
Wagner. 

11.15 Sin on Saturday: Bernard 
Falk explores the Seven 
Deadly Sins: Envy. 

11.50 Harry 0 starring David 
Janssen..' 

REGIONAL VARIATIONS.* 

•Cymru /Wales — 6.10-6.15 pm 
Sports News Wales. 

Scotland — 6.10-6.15 pm Score- 
board. 12.40 am Scottish News 
Summary'. 

Northern Ireland — 5.00-5.10 pm 
Northern Ireland Results (opt- 


Th» Incredible Hulk. 11.30 The Lata 
Film: Roy Schncaer m *• The Seven 
Upa.” 

HTV 

9.55 am Vicky the Viking. 10.20 
Sesame Street 11.20 Space 1&99. 
12.13 pm HTV News 5.14 HTV New* 
5.45 The Incredible Hulk. 11.30 Vega*. 
HTV Cymru/ Wales— A* HTV West 


fshenvood. 8.40 Prams, part 2: Brahms «omrfe 
(S). 9.3S Resenbsrg in the Trench**, TZTTTTf 
by Frederick Bradnum (S). 10-20 The i 

Edinburgh Quartet (S). 11.06 Byrd (S) 

11.15-11. IB News. 


AMBASSADORS. S CC SM 1171. Gre »•»««*■* comedy. Directed trr « 

ul+t 379 B 06 ir 7k*. 16.50. CSJO. Gaik ill. 

14.50 £4, £3. Eves 1 - Tue Met S.Q ■ 

* Sat Met 3.0. OY« 300 PSRfORM- lyric THCATRB. ShaRnbun. Aw Re. 

A NCOS. Helene HanfTjM CHARING otnt* 4J7 3U5. T« Credit card 

CROSS ROAD with P ar e— Maetle. bum. aecccxrc OLRNOA JACKSCMJ. 

Roatrie »tereo»- CtORGINA HAL* In filMlJrT CON- 

TERENCE. A new N*. hr Robert Derfd 
Matpoerfd. twi B.D. Mat* Wed 3.0. 
Set* 5.0. 


C*1ai a S 9-55-10.20 am Animal# 

srauium — tan St John and Acnon. s.is-s.46 pm s.dn a Siin. 


Jimmy Greaves preview the , _ . 

FA Charily Shield match SCOTTISH weather, travel. programme new*, 

between League Chamninns *-* am A lomadh Duthuch. 10.00 8.00 Newa 8.10 Today’* Paper*. 8.15 
Liveruool and Tun holder*’ T a raan * 10 ® Clapperboard 5.45 pm Sport on 4 8.48 Breakaway, including 

^Liverpool, ana Lup holders Chipl 103o Scal>porl . 11J0 Ut> 3 .00 Newt. 9.E0 News Stand 10.05 

latteunaxa Hotspur: 12.40 Call. 11.35 The New Avengers. Talking Politic*. 1030 Dairy Service 

Swimming — U,S. Outdoor ■ s> 10.45 Pick of th* weak (Sj. nos 

Championships; 1.15 News; TSW £21 aur -°» n 

1^0 The rrv Smn from R .T. iS'lsrSS 

Sandown and Rlpon; 3.J0 s^ce isss Weather, programme new*. 1.00 New*. 

Speedway — Daily Mirror ifac" Ba.utv V* 12 TswXomnR 1 -i°' Vou * h ® J « [ v (S). is Shipping 

Wofld Team Cup- Final; n-wI.^Tib Sttlf 

3-50 News Round-up; 400 in c."c.nniu 646 sai. of "wm., a rie iSfTr SiT f££ 

Wrestling; 4.45 Results. fj’f. hy j. R. R Tolkien (S). 4no Ooaa Ho 

5.05 News. n Lfi !° c 5 k Bcr ‘. PL Take Sugar’ 5.00 Keeping the Pan 

% IS ratwMul* Souih-Weet Waathar and Shipping p^senr. 5.26 Three Plus One (S). 5 JO 

^ „ Forecast. Shipp.ng Forecast. 5.S5 Weather. 

The Incredible Hulk. TVS travel, programme news. 6.00 Naivs. 

6.45 Family Fortunes. gM Mm Sa 5.05 j*. go.. 

1 . 15 Russ Abbots Saturday 9.35 Groovi* Ghouiiai. 10.0s Sport rk afkal"* qLm ^ st 

Madhouse. Silly. 10.30 No 73. 11.45 Benson. 5.75 *3“ Lht • Thai 3J8 

7.45 “ Family Plot," starring pm T v ?Ji!j ws - 5 ^° Ch,ot - Lou weather . 10.00 News 10.15 The Real 


0 $p*ca 1999. RADIO 4 

5 - 1 „ H IYw eW# 625 m Shipping Forecast «J0 
'■ t';® V f?, Ba News. 6J2 Farming Today. 6 JO Yours 
As HTV West Faithfully 8J55 Weather, travel, pro- 
n . Ammal# in qrsmme Naws. 7.00 News. 7.10 Today’s 
non A Sian. Papers 7.15 On Your Farm. 7.45 Yours 

u Failhlully. 7.50 It’* a Bargain. 7.55 ! 

bn Weather, - travel, programme new*. 


iPOUO. Sluftachurr Ayfc_tt BJ437 | tvps 

2 B 8 X Credit and HotHnr .01 -f 30 J»2 J2. ( Sat* S.O. 

Moo-Frl E*aS CO- ~ l — 

C.0 A B.30. ALAN ^ r «BOURN’S new MAY FAHt. S CC «» 3035 . MO^-IJtTS 
comedy SEASON’S GREETINGS. I B Fr) An g s« H *, p JO RlrhirX 

■ - 1 .. . * Tot'd. Derren NetMtt Cirela Mowlam in 


APOLLO VICTORIA (OBD Victoria Stn 1 i THE 'BUSINESS OF MURDER. SECOND 
MUST END SEpTEMgEP ff. W GREAT YEAR 

SOUND OF MUSIC. PCTULA CLARK. I 


EvtoTjo" Mlu Wad A SBt.SJ 0 . 8 u 
irdu 01-13* S919IS1M. *tlc- 


NATIONAL THEATRE 5 1>2E„2ZSr. 

olivicr fowl iiigci mo a 

7 is Men 7.1 S OANTON'5 DEATH *v 


ilata 01 -ZOO 0200 24-hr serv'cc Groun | Buchn^' 
miles- 01-379 6D61. THE SOUND OF ! LYTTELTON fnroSirnum «W.- T ndf- 
MUSJC SEATS AVAIL THIS WL INC ‘ IDOL T.4S. Man 7.«S UNCLE VANYA 
SAT. LAST 5 WEEKS. 


413 WE INC 


APOLLO VICTORIA 
RICHARD _ HARRIS 


01-8S4 6 177. 

]n LEANER A 
CREDIT CARDS 


3 00 A 7.45. Men 7 M UNCLE VANYA 
tr/ Chr>rvO. 

COTTESLOE Ismail audit orlum— low prier 
*«*»• Todav Z.3f* A 7-30. Men 7 30 
THE BEGGAR’S OPERA tw John G«v 


Talking Politics. 1020 Daily Service ltuT'sSsoNI *K>v. 12 TO ' 

■ S) 10.45 Pick of the Weak (SJ. 11 J3S t ONLY? | 

From our own correspondent. 12.00 — ; — - . „ „„ . 


LOEWE’S CAMEIOT. CREDIT CARDS j Erceilant cha«o Kits alf 2 tlmatrc* arc 
Ot -635 .8W. GROUP SALES Ol-37g J STANDBY m O'hUer- LyUrlion 'r e n ip am 
KM1. LTD. SEASON! NOV. tZ TO - ma tn-t 


on day. Car Pari Rntiurant 93B 2033. 
Credit cant 929 S93T- 
NT alto at HER MAJESTY^. 


,, ,, ... i, — py j. n. n Ionian ai. uoa» no 

HiflSciaet Blues. 1ZS am Postacr.pL T ^ k , Sugar’ 5.00 Keeping the Past 
12.30 South- West Weather and Shipping Pp-senr. 5.26 Three Plus One (S). 5 JO 


NEW LONDON. CC Drory Lane WC2. 
SHAKESPEARE COMPANY. CAN 1 01 . 40S t}072 or 01-404 *079. Crt 7 4s. 

YM FATBE tOP t AUjJ WELL THAT , TlK „ 5j; a, 7 45. T>-p Andrew 

ENDS WELL, k® ™L; w N .;fS i Llovd-Wcbtrr-T S. Flo’ Award Wionire 
trure 3 nrsl. MIDSBMMER Nl&rrrs I CATS Givj^ Pdo-ipti C1-40S 

l»«LM KM. WNI AR9 *A.M. f«. day . 1 S67 or 01-379 6051. LATECOMERS 

63.00 L*rom IP. T J5!LJ5lJSIL: NOT ADMITTED WHILE AUOfTORIUM 

7 JO MONEY By ■j , «r-lJlton is IN MOTION. PLEASE BE PROMPT, 

crum Zb houmj. BSC aisp at Piccaawy. j |aow booking till July ims, 


Shipping Forecast. 5.55 Weather, 
travel, programme news. 6.00 News, 
including Sports Round-up. 6.15 Desert 


BARBICAN HALL. Barbican Centre |C2. 
CC 01-638 8891. Re* 01-628 8795. 


OPEN AIR RECENT'S PARK 


Ton’t 8.00 pm Orpaits on Saturday. | ■ Instant credit card UooVir.ie 930 9232 


9.00 am Saturday Brief. 9.05 Joe SO. ^..rj ' ' '’“ “'s, ess .T' pZCe* 

.35 Groov.* Ghouiiai. 10.05 Sport %» f fL B -® 


e waroowi-a unoiuisa. IM.W eSIPWEh -7 OP O »lrmp’ » Hiwen rci 

“ttSST 


Popular organ music lor the whole 
family. Tomor 7.30 - pm BBC Radte 2 
pruwti A Gala Soadav eerie* of Gilbert 
Mid SuUWaa. BBC Stngar* aod Orchestra. 
Janie* Lockhart conductor. -Trial by Jury. 
The Mikado. [Concert Performance}. 


A MIDSUMMER NIGHT'S DREAM 
tomeht 7 45 Sat J SO A 7 *5. AH Mar 
Music Hall Gala Sun 22 7 30. 


Karen Black. Barbara 
Harris, Bruce Deni and 
•William Devane. 

9.45 News. 

10.00- Tales of the Unexpected. 


Gram. 1Z.25 am Company. 


Giselle by Jobwob Richardson. 11.00 | CHICHESTER FESTIVAL theatre. 0243 


TYNE TEES . 

9.00 am Young Ramsay 9.50 Jod 90. 
10.15 Canoon Time tlO-30 Saturday 
Morning Movie—" Wilma." 12.13 pm 
North Ban News. 5.15 North East 


tighten Our Darkness. 11.15 A Change 
of Course. 11.45 Ebdon’a England. 12.00 
News. 


7a 1312. Season juoraorw ftv Marjini 
A Ratal Ltd. CAVELL today 7.30. 


lO in TP * Ghij.14 worm bail mewm. s.15 Norm cast 

lOJO FA Chanty Shield intro- News. 5.45 Chips. 11^0 In Concert: 


BBC RADIO LONDON 

5.00 am As Radio 2. 7-30 Good 


COLISEUM. S 83S 3161. CC 240 5258. 
ENGLISH NATIONAL OPERA. Tbn’t. 


3 Thanks to Perseus, she no "in from “Final Score”). 6.16- 
longer had any ties! (9) 6.-15 Northern Ireland News, 


5 Church member makes 12.40 am Northern Ireland News 

appeal (5) Headlines. • 

6 Glowing like Sauers iron 

Sport. All other English regions; 

7 Illustrate clue perhaps for Sport/Regional News. 


■ dur-ed hv Brian Mnnre « L " ,pS /* "u " L isSi Fishing. 8.00 News, weather. 8.04 

11-2(1 I^SLPtSS^SSn^^ n,y ’ London Today. 8.2B Sport. Round-up. 

11-30 London News Headlines, a,n Po «t s Corner. 8>30 T fav# | Round-up. 8.33 The Boei 

followed by Continental III cjrn Show. 9.00 News, travel. 8.03 Book 

Mnrie’ ‘'Without Annarmt UI_OltPl Now. 9 JO Looking Back. 10.02 All 

S Tn 10 - 1Q «nt The Enira ordinary People That lazt. 11 20 Jeff Young Show. 2.02 

r - • ' rnj 1 !- Jean : Show. 10.35 Clapperboard. 11-05 pm Braakshrough. 3 JO Th* Great Com- 

LOUIS .Tnnagnant and Sasam« Sireet.'i 12.05 pm Golf Doctor, poser*. 5.00 Guidlme. 5.30 Quast. 6.00- 

■ Sacha Distel. * l.is Ulster News. 5.13 Ulster News. 5.00 am Join Radio 2. 


ENGLISH NATIONAL OPERA. TOn’L 
Tuts. Fri 7.00 CARMEN. Wad 7.30 THE 
MAKROFULOS CASE. Thvr 7.30 THE 
BARBER OF SEVILLE. Some cast* Mall 
at doors each day. 


PALACE. CC pi. 437 CC 

43 7 BZZ7 Anflipw Llo<r'.V/-hbci'% SONG 
AND DANCE. SLarrir; l>mni Craven A 
WAfNE SLEEP. Due to o«rr»»he'-»-.ln3 
rtomand noiv boo-iny to Jan 19*3. 
E»(*l B.C. ?rl 6 Sat 5 4J- t B.30. Vw 
PTOrt teati *pM av.iriahir mmr 
Grove mIpi 4 S7 6834 379 90»1 

Zk'i&Y sTrFiz*™*™ 


■ Sacha Distel. ' l.tB Ulster News. 5.13 Ulster News. 

1.15 am Close; Sit Up and Hulk. 3. SB Ujw 

7 ictpn with Hov Potor y M,h «- 11 M Sports Results. 11.35 
Listen Wltn Key Feter Mannn. 12.25 am NoviS at Bedtime. 
I^ewis. 


at aoors eacn oay. PICCADILLY. S Alr.comt 437 450S CC 

8 JO Travel Round-up. *18.33 The Boat V* of°Grp 7 mIk I 379 • M«r**wwa 9 s5. 

Show. 9.00 News, travel. 9.03 Book : Se^i.t&^lSS ! SH^kIspearJ 5 CDM^nV K °vT.^^ 

Now ,nO Looking to*. JM .AM £?■ JfJfr ^’StaSS. VSffiS 

by NELL DUNN. Pre-thow juporr at ; * K •'» »’ Am-**. &■'*.»« 

Ofrc Royal alec stall seat only £9 JO. 1 — 

Mon.Thur. , nniurr hwahi Tm f... ... 


one having 'appointment (9) 

10 Fantastic the price, the first 
source of turpentine (5-4) 


BBC 2 


All IB A regions as Xondon 
except at the following times: — 


CRITERION. S. Alr-tqnd. 930_ 3216. CC 
379 6585. Grp reduction 855 3962. 
Mon to Thur 7.30. Fn 6 Sat 6.00 a. 
8,45. Over 400 Dcrtormanc** dario 
FO'S COMEDY CANT PAY? WONT 
PAY! students all seats tS.SO. 


13 Leading Tory in top hat— 13 He’s In the Bull— a store- 


eari for instance (5) 


house of knowledge (9) 


6J5 am-3.10 pm Open-. Uni* 
versity. 


ANGLIA 

9-10 am Sesame Street. 


14 Numbers taking a quiet gin Neat arrangement-, after 
indulge in empty talk 18) change made by deputy (9) 
16 Appropriate to adjust lever 17 Paper tra i 0 (?) 

for worker (8) -• .. . . , ; „u 


f3.10 Hitchcock Double Bill: Cxtoordmary People Show. 10.35 
■■ Rich' And Strange,” Star- Time. _ 10.50 Clapperboard 


rine Joan Barn- 11,20 Tflr ™ n - MS pm Chips. 11.30 

4.30 - Under Capri?orn,’ ; star- 7£%,! bm - ” pm Al ^ ^ 
ring Ingrid Bergman and 

e ,= i2*® ph CoU “’ w - - . ■ BORDER 

6.25 There Ought To Be __ ' A , 

rtnums . 8,35 im Tha AdvEntums M 

^ ,owns - ■ Beauty. 10.00 T arzan. 10J0 C/l 

7.00 News and Sport board. 5.45 pm Chip*. 11.30 

7,15 Ireland: A Television Parade with th# 'Bellamy Brothers. 


18 “ Shall— or 


19 Sailor having lost a little 
weight can skip (7) 


domuMons." (King John) 21 Achieve record (5 ) 


20 Russian approval politician 
may discourage (4) 

21 Dickens character fresh for 
the rest (10) 

23 Released doctor returned for 
City privilege (7) 

24 East End artist, with a 
variety of colours (7) 

25 Inward member of the 
family? (6) 

20 In the Home Counties, it is 
always hard to endure (6) 


22 Newbolt's last line a figure 
of speech (5) 1 

< Solution to Puzzle No. 4,953 


Weather. 11.30 Sports Results. 11.35 LONDON M °n to Thor 7.30. Fn 6 Sii 6.oq’» 

Mann,*. 12.25 srn Now* at Bed rime. BROADCASTING 8W 

VADvr-uinr OnUflUWWI IHU PAY! studwB all seats tS.50. 

YORKSHIRE 7.00 am AM With Mike DieWn and 

9. 00 am Fane/ace 9.20 Animated Olga Hub-cka 10.00 Jetlybon* with DRURY LANE Theatre Roval CC 91-816 

Classics. 10.10 Tha fc*trap»d.na,y Clwe Bull. «H LBC Reports with G ge oRGt cole ' 

People Show 10.35 The Salufda/ Richard Bath 1.00 pm SpOitpwitch annii RQ55 In THE pirates 
M ormnq Picture Show ’ The Greai w>ih Dave Bremner. 6.00 LBC Renarrs .7 30 Wed A 

Bank Robbery." 5.45 pm Chips. 11.30 with RiehBrd Bath 7.00 Gcei Mela Sat 3.0. Oeait card Hotline S jO 9 232. 
Pro-Colebmy Tenpin Bowling. 72.15 em 8.00 Network 9.00 LBC Special 10.00 OOSM . B warhduse. s»r«.r 

Thai'8 Hollywood. Nightlina with Carol Thatcher. 1-00 am Covcnt Gdn. s CC 6kg Inlo 01-836 1071 

^ , Nighr Extra. 4.00 Hayas on Sunday. 379 6565. Ev» 7.30. Mat Sa» 2.0 sharp 

RADIO 1 430 Decision Makers. 5.00 Morning j&i5V™AN lt MiLLERl u ^* rT D,R, * Y 


, PRINCE EDWARD. Tim B'.ee awl A Mru 
L'Qva-Wr‘-r-t"-'l EVITA D:r r> t Hal 
Prir.cc- E«u a.0. Law pr-te mad. 
, Tftur A Sar ’ n. fyrt wrh A.-rr ri -c 
8m Ot-er 4S7 68*7. CC HetMne 437 
8499 Grp 5V.-J 37t» r.D &1 r to |p.*-. 
• 24-hr bkgs. TeWata 0’.-2M 020 1 '. 


Mormnq Picture Show ’ The Gr 
Bank Robbery." 5.45 pm Chips. 11 


4.30 Decision Makers. 5.00 Morning 
Music. 


CAPITAL RADIO 

7.00 E«n Broekfast Show. 10.00 Pick 


-i ,6 n P 1,18 tna (S) Stare o (when on VHP) MUS,C - 

01 Db1 '- 5.» am A* Radio 2. 7.00 Weka Up raPlTAf DAniA 

to the Weekend with Adrian John. 8.00 wer*t l ML nHUIv 

BORDER Tony Blackburn’s Saturday Show. 7.00 am Broekfast Show. 10.00 Pick 

10.00 Paul Burnett. 1.00 pm Adrian o( (he Pop» Take Two with Alan Free- 
8-35 am Tha Adventures el Black Just a (S). 2.00 A King in New Tori: man. 12.00 Six of the Best with Nicky 
Beauty. 10.00 Tarzan. 10 JO Clapper- {SJ. 2.05 Paul GambeCcini (S). 4.00 Uorna. 2M pm Duncan John won' a 
board. 5.45 prn Chios. 11J0 Star Walter’s Weekly (S J . 5.00 Rock On Afternoon Delight. 5.00 Greq Edwards’ 
Parade with the Ballamy Brothers. (S). 6JO-7JO in Concert (eatvnng Soul Spectrum. SJO Small Beginnings. 

-■ - •• ~ - Jaap Armatrading (5). SJO Riehard Digaree and Folk Friends. 


379 6565. Evg* 7.30. Mat Sa» 2.0 Sharp 
HAMLET with Anton L«urr. DIR. BY 
JONATHAN MILLER. 


PRINCE O* WALES THEATRE 3VJ 

868 1 CC Hc-llii^ 9J3 o- Trln^nl* 

01-201 0200 *.24 H bkov CTfit’r* *i-r) 
0’ 3?9 6C6’ rrr t=nk-<g* on r.-:n HOY 
HUOD. CHRISTOPHER TIMOTHY .» 
UNDERNEATH THE ARCHES T— -.main 
hit (amliv r-us:e»' Mo-.-Thur 7 30. t n 
A Sat J li * * 30 SPECIAL RATE 84 
ANY TICKET, fiilnrrn CAP* gl irin«r»- 
Mon-Thur & Frl 5-*5. 


QUEEN'S. S CC Ct.TT.4 tl 66 411 
, 4031 . Credit card 0l-*30 9212 G-w 
OVKt or routes, ass SI 22. CC 826 : *"« 01379 eosi. Even ^ son m«? 
9637. Crew nW 379 6061 FINAL : 3.00. Sat S IO A a.. W ANOTHER 

«RB TOFTT S.1S A 8J0. 8IUy . COUNTRY By Mltchril 

Coneoliy * Patrick Rtecert |q j. p. ' . — 

PonleavT**- new wnetlr BALTHAZAR, j RAYMOND REYUCBAR. CC 01-TJ4 tsgj’ 


D01VN 

1 Some stiU order a reredoB, 
but it's more unusual (5> 


3QE3EE3C3 DSHHEQEIS 

a u e □ a ei h e 
flHQEaaa acncasQ 
S DO □ E Q Q E 
aaran HraaHQaasaa 
d a □ □ n q □ 
BQHQEa aaan ana 
SDH R.H a O B 

QQQQE3Q9 Ql 30033 
G a B H □ a B 

HEaBEEiBanQ aane 
□ □ pa a a a q 
QEoanaa saancaa 

aflQQEDBE 
QflGQEacn HEBQaa 


. Solution aod winners of 
' Puzzle No. 4948 


■ ■Mrs B. G: Earland,- 47, Old 
Kennels Lane, Olivers Battery, 
Winchester, Hants.- . 


Mr J. H. RenwicK, 405), Gilbert 
House. Barbican. London. EC2. 


Mr R. .A. Dodds, 22. Willcox 
Court, Queen’s Road, St Helier, 
Jersey,. Channel Islands. 


m n a ansa 

aascraE snnncnHa 

3B0I3 5S-OHI2 
gnEogan^ sfaGSCs 
aQQTJEDGa 
BB5Q 0Q5Q?3Sa 
aGraaassa 
HEBanna asaa 
aBsaararan 
aansan Qaasoa as 
EGBnaHna 
□HHBnflGa BBQEQB 
u a 3 m m & m 
IgnaHBBES asnasg 


- RADIO 2 

5.00 am Pater Marshall with the 
Saturday aarty show (S) 8.02 Racing 
Bulletin. 8-05 David Jacobs (S). 10 00 


5.00 Riehard Digs nee and Folk Friends. 

10.00 Roots Rockers with Devid Rodi- 
gan. 12.00 Midnight Spocral — Phff 
Allen. 



Mon-Sa! nightly 7fm, Sam. nwr. PAUL 
Raymond rmwa thc ftst(val or 
EROTICA. Swciai tOTCWLlon t-i member* 
o* HM Armed Fuse*. Admrutoa d M 
to *nv 7 cm nr* ?3t*. wnwrtSo-^I ynpr. 


WWt- 267 S5M. OXtMO 
PLAYHOUSE CO. m THE CM nr pry 
ORCHARD. Dir bv Mike AllrmS. F-* H M 


CHESS SOLUTIONS 


GaoS Leva preaunts Star ChoiCa (S). SoJatioa *0 Position No. 437 


TTOATRS. 01-427 7597 r r . *“* IK 

Hotline 930 8232, Grs Mte* Ifg ut, C JuMttfZ.PnJZ? iU '*® A 

Erj* Man-Frl |.o. Weds mat X 0 C.eaSHal Oa-rc n* imt,« 

s ’2..*_ «-S0. MARIA AITKEM. UN ^ — — - 


11.02 Sparta Desk. 11.03 AnSB. Sir 
Kenny with Kenny Eveiett (S). 1-00 
pm Oh Mother! 1.30 Snort On 2. Foot- 


1 R fc Q8 Th, K-K2: 2 R(5)-Q5, 
Resigns. If the bishop moves. 


OGILVY, CARY BOND In Noel Comrj't ROYAL COURT THCAYRY limraiM 


7554. SALONIKA tT L«ui» Pifti* 
I*W 7 30. 


bi M: The fA aamy s h«id r ^y.rpw( then 3 R(5)-Q7 ch. K-K3: 4 


THEATRE ROYAL. «m : *??*"?*'* WELLS THEATRE !C* l‘M-1 

™ 379 6061 *«- 7 Vo° • SUMMER ARTS ItSTlWU. 

3D Sjfj I I. tfhwAia ■ a f, ‘*t‘»*i •»* Ct-’mn-'.tv A tt-utfr 

LA NcS D€ -LA TOUR, • £*• M Wt !S , Wpla 


v Spur* (ram Wembley (lick-oH 300): « v- m .i„ 

Cricktti County Cricket end Pakistan v ‘ lnal -- 

Lencaahire; Golf: Benson and Hedge* Solution TO Problem No. 43“ 
from York; Racing from Sandown: * 30 . - R _ . . . . IPJTA- O 

Inrcrcralt Solano Stakes: Swimming: * ■ S*® 3 failing). K-L(4. Z 

National Loop Course Championships. fr-B3. -Or if K-Q6; 2 Q-NI, or tf 


Mat* Wed 

SINDEK. M<4NCQ BE • LA TOUR. ■ ,c ' a M>b tu ■ W,l nr p,B- 

RONALD PICKUP. SHEILA' GISH. BILL i 5 rfl ‘ ,-n >P d?ra.:*. frrr dav-time cu-f, ;n 
FRASER. MARGARET RAWLINGS. . * *rcuad the s!«nirr, SiNma rw.vy 

FREOA iACKSON. HARRY ANDREWS ■ Jfocr.,-,m* «-rv r.J? 

« UNCLE VANYA a» Anton Clrektim. • Cnildren 1 Ommr. fr«-tqrr, • >n,nntDn 


Directed, hr Christoshw Fett». 


Crystal Palace. 8.00 Country Greet* m 3^4. o Q-\l, or if B dseWhere: 

SSS 1 oi* VB B,0 BenTspif, 2 N-B5- 

iS). 8.00 A Tale o( Two Cities (S). IV Ot 1 B-Rf? Jv-I*i31 


HAYM*RKET_ theatre ROYAL. 


«Bjj From 1 Sept 7 LEONARD ROSSr 
ItTTHE.. RULES OP THE GAME b* V 


ID THE RULES OP THE GAME hv Ltr.ql 
p trend* 1 ip. oireewp py Antnony Quayie. 


Children , Smut f?r.tqni.' >iimqthn 

S *’'" 1 Cmin. r »LlDr-. ta-ln'hrtr- 
Ynv;i Dana San- Mom, . *l»_> 

twru;ae* Da-ten. All tkt* U at in# 
** ’ M 


0J-C7R 0855 >24 H«u (o- ^»r>rr.i < »e J 

AMPLE FREE PARKING aft 8 M Mr 


! Q* ) J>J=L'2i 


i* 


\ HU 






Financial Times Saturday August 21 19S2 




5=:.- : 


••• •< 

f 


COLLECTING 

Golfiana calls 


BY JUNE FIELD 

* IT IS SUITABLE for all ages, 
from infancy to old age. Its 
oeauty consists not in making 
frreat strokes, but in playing 
truly, neatly and without pecu- 
liarities " wrote Harry B. Wood 
in Golfing Curios and the Like, 

mi. 

Yet golf has always aroused 
fairly strong emotions. In Scot- 
land in 1457 the popularity ol 
die game was already so great 
as to seriously interfere with 
what was considered the more 
important sport of curling, and 
it was decreed that "Jute-ball 
and golf be utterly cryit down 
and nocht usit." 

One of the charges against 
Marj- Queen of Scots at her trial 
was that a few days after the 
death of her husband the Earl 
of Damley she “ was seen play- 
ing golf and pall mail in the 
fields beside Seton." 

And in Holland, where the 
beginnings of golf have through 
recent research been traced 
back to 1296, there were various 
edicts against it being played in 
city streets. 

The origins of golf, or in its 
older form, goff. goufi or gout. 
have not been completely docu- 
mented. although it is known 
that the Romans played a game 
called paganiea. using a leather 
ball stuffed with dock, and that 
in England in the 14th century 
there was something similar, 
cambuca. in which a wooden 
ball was used. 

Nothing appears to be known 
about the clubs or sticks used 
to hit the balls in those early 
days, and the first game said to 
most closely resemble golf was 
pall mall, in France jeu de mail, 
pelc mele in Italy. 

Around 1629 C>arles I was 
said to be playing the game in 
London's Pall Mall; and after 
the restoration of Charles n to 
the throne in 1660, the course 
in what is still known today as. 
Pall Mall was turned into the 
road running from St James’s 
Palace to Trafalgar Square. A 
new course was made in what is 
still called The Mall, which runs 
from near Trafaglar Square to 
near Buckingham Palace. 

Sporting memorabilia, such 
as golfiana, is now a recognised 
sale category. Early “ feathery ” 
golf balls, roughly a circlet of 
leather stitched together in sec- 


tions, and stuffed, with boiled 
feathers and left to dry very 
hard, were fetching £800 or so ~ 
at auction last year. Mr Robert 
Gowland, director of Phillips 
says: “They were thought to 
be very rare. But due to such 
sales and the resulting pub- 
lic! ty, many more have come to 
light, and now the price at 
auction has fallen to around 
£300." 

The feathery was replaced by 
gutta percha, whose praises 
were sung at the meeting of 
the Innerleven Golf Club on 
September 1 1848: 

Ye’re keen and certain at a 
put— 

Noe meet your sides e’er open 
up— 

And though for years your rubs 
they tchup' 

Ye’ll never moutt a feather. 

The gutta was followed by 
the gutty (a composite ball), 
and the core-wound Haskell, 
the intricacies of manufacture 
being revealed in John Stuart 
Martin’s The Curious History. of 
the Golf Ball : Mankind's Most 
Fascinating Sphere f Horizon 
Press, New York 1968). 

No student of golf history or 
collector of golf clubs, balls 
and related objects — costumes, 
buttons, old prints, paintings, 
drawings, souvenirs and so on, 
can afford to . be without the 
absorbing Golf In The Making 
(1979, Henderson Stirk/Lund 
Humphries), by Ian T. Header- 
son and David L Stirk. The first 
is a lawyer, the second a 
surgeon, and both are players 
and collectors of long standing. 

The book depicts the leading 
personalities involved in the 
history of the game up to 1914 
— the ballmakors. clubmakers, 
cleekmakers (to the uninitiated 
a Qleek is a golf club with an 
iron bead, also a form of 
shallow-faced iron), as well as 
some of the golfers themselves. 
Among the latter are Thomas 
Kincaid who wrote his thoughts 
on the game in 16S7: "1 
thought upon the way of play- 
ing at golve. ... / found that 
the first point to be studied 
..:is to hitt the ball exactly . . . 
(so) the ball trill fiy veri farre.” 

Then there were the women 
golfers, whom the authors 
acknowledge had a suppleness 
and length of swing in spite of 



SPORT 



11 


John Barrett looks at a tough school for tennis hopefuls 

Go on Annabel, you can reach it 


IT IS 11.1.5 and 92 degrees in Buehning. a resident, and John 


Charles Crombie’s “ The Rules of Golf illustrated, n one of 24 plates 
estimated to fetch £Z50/£350 in Sotheby's at Gleneagles Hotel sale 
on Monday, August 30. 


their hampering outfits. la 1911 
a large elastic garter was 
slipped . down from the waist 
level to about the. knees to stop 
a long skirt blowing up. 

A checklist of some of the 
artists who produced golf- 
inspired works is gives, includ- 
ing. .Lemmuel Francis Abbott 
(1760-1803), whose paintings of 
William lanes as "The Black- 
heath Golfer ” have been, pro- 
lifically reproduced, and John 
Hassall (1868-1948). whose 
strongly coloured sets of litho- 
graphs included “The Seven 
Ages of the Golfer." Charles 
Crombie (1885-1967). probably 
created the best-known series 
of cartoons, *• The Rules of 
Golf.” published as a book by 
Perrier, the sparkling table- 
water firm, at the beginning of 
the 20th century. Golfers were 
shown dressed in nursery- 
rhyme medieval clothes, one 
vignette captioned “If a player 
play when his partner should 
have done so . . /’ showing a 
bemused character on the 
ground with a black eye. 

A revised edition of Golf Tn 
The Making complete with a 16- 
page updating section, should be 
ready in September at £30, as 
well as a special leatherbound 
edition numbered and signed by 
the authors. £110. Orders (post- 
free) to Manningham Press, 
Drummond Road. Bradford 8. 

Various plates of The Buies of 
Golf Illustrated are in the 
Sotheby’s sale at Gleneagles 
Hotel on Monday August 30 
which includes historic golfing 


items and fishing -tackle. Esti- 
mates vary from £100 to £350 
according to the $t. Commem- 
morative golfing related objects 
such as 1895 gold medallions, 
silver-plated desk sets c 1900, 
Doulton Lambeth stoneware 
jugs, and 1930s items such as 
teaspoons, tiles, pipe rack and 
pepper pot ore all in the £80 
to £250 bracket. A foot-high 
bronze of Henry Vardon (1870- 
1937), signed Henry Pegram 
1908, could be nearer £800. 
(Vardon took up golf following 
an early diagnosis for TB, and 
was the professional at Rip on. 
Yorkshire, and Totteridge, Hert- 
fordshire; he won the British 
Open six times and the U.S. 
open in 1900, after which he was 
signed up to sponsor Spalding' 
dubs and balls.) 

Clubs in the sale include two 
Jackson dubs c 1825-30, and 
various Forgan’s such as a 
baffing spoon. 1865. a wooden 
club with a short shaft, formerly 
used for playing approaches by 
“baffing." (The Henderson/ 
Stirk book describes baff as “ to 
strike the ground immediately 
behind the ball with the ' sole ' 
of the wooden dubhead in play- 
ing.") The Gleneagles sale 
catalogue is £3.35 by post from 
Hilary Kay. Sotheby's Belgravia, 
19 Mo-tcombe Street. London, 
SW1. and viewing is on Monday 
9-750. and Tuesday £-12.30 at 
Sotheby's. 20 Conduit Street. 
London. Wl. before the items go 
up to Perthshire for viewing at 
Gleneagles next Saturday and 
Sunday 10-7. 


A guide through the company jungle 


This week I present a con- 
sumer’s guide to the video 
companies. 

Today’s video market in 
Britain is an awesome jungle 
of . competing distributors, 
struggling for survival by 
tooth and claw and determined 
rival ry in the quality and 
variety of lheir movies. Those 
of you who sally cheerfully 
into video shops not too heedful 
of company labels, knowing 
only that you want this or that 
film title, will not look too 
closely to see the distributor's 
name. What matter, yon cry. 
If it’s a 20th Century Fox label, 
or Home Video, or Guild Home 
Video, or Intervision, so long 
as it is the film you seek? 

Many months of conscien- 
tious eye-strain on your behalf 
have persuaded me that some 
companies do a better job than 
others: and that a quick whirl 
ronnd their specialities will 
constitute a handy guide for 
the video-hunter. 


VIDEO REVIEW 

NIGEL ANDREWS 


On the strength of my view- 
ings so far. the prize for 
picture quality and technical 
excellence of tape-transfer 
must be shared between Thorn- 
EMI and Rank Video Library. 
Both have unfurled outstand- 
ing colour reproduction and 
picture definition beforp my 
eyes. (Try EMI's Accident and 
Rank’s Henry V). And their 
black-and-white silent classics 
•—from Fritz Lang to Hitchcock 
to King Kong — are of sparkling 
quality. 

Closely following EMI and 
Rank to the finishing tape is 
Polygram Video. The variety 
of their catalogue is splendid, 
again with strength-in-depth in 
the b-and-w classics depart- 


ment. and picture-quality is 
reli able-to-excell ent. Poly- 

gram’s two D. W. Griffith tapes 
— Birth of a Nation and Intoler- 
ance — are a must for any 
self-respecting film buff. 

Guild Home Video. Britain’s 
largest independent cassette- 
marketing company, gains the 
"Special Jury Prize’’ as best 
•* Snapper-Up of Unconsidered 
Trifles.” Guild’s catalogue is a 
joyful rag-bag of the sublime and 
the ridiculous; ranging from 
classic Hitchcock films and 
varied Hollywood masterpieces 
like Puri In The Sun and 
Dressed To Kill to the latest in 
lunatic-fringe offerings like 
Scavenger Bunt and Caboblanco. 
Picture quality is mostly very 
good, though not quite boasting 
the hi-fi ping of EMI and Rank, 
or Polygram at their best. 

With 20th Century Fox and 
GIC I have briefly crossed 
swords. Fox were upset, and 
wrote to me to say so, when I 
perhaps too hyperbolically 


ROYAL OPERA HOUSE COV C NT GARDEN 
S 240 2036. AcceMlVIs* 636 6003. 
10 im-6-S0 pm tMoa-Fril. B2-BS raisen 
oven with PER HIM OB MIMUIW- 
GEN. First e*rf Mon Seet 6. Personal 
Jno^inpi now oprti. 


SAVOY. S Ot-436 MM. CC 930 9Z32. 
EvM<no» 7-4S- Mats Wed 2-30. Sat 
5.0 6.30; MICHAEL FRAYN'S NEW 

COMEDY NOISES OFF. Direct ro by 
MICHAEL BLAKEMORJL 


ST. MARTIN'S. CC 836 1443. Eves 8. 
Tun Mat Z.4S. 

Attsthi Christie's THE MOUSETRAP. 
World’* loosm-tver run. 30th Year. 
Fully air-conditioned theatre. 


SHAW. 01-388 1394. National Youth 
Theatre m Peter Teno n s _ epic Farce 
THE BREAD AND BUTTER TRADE. 
EvRi 7.30. Ltd Season. Ends Sat 28 Ana. 


VAUDEVILLE. CC 01-836 9988. OJ-930 
9232 {B lineal MOIRA LlStTER. PATRICK 
CARGILL. BARBARA MURRAY. GLYN 
HOUSTON. KEY FOR TWO. A new 
ccmefly by John Chapman and Dave 
Freeman. Previews 5®Pt 6 * 7. Opens 
Sent 8. 


VAUDEVILLE. CC 01-B36 99BB.' Eve* 8. 
Wed mat* !;4S. Sat* 5 * 8. < “"P™ 
JACKSON In AGATHA CHRISTIE'S 
CARDS ON THE TABLE. Fully a'r- 
connltioned theatre. NINE MONTHS 
RUN ENOS SEPT i. 


VICTORIA PALACE. CC 0 
01-826 4735-6. Group Mies 379 6061. 
DENNIS WATERMAN ANTON RODGERS 
The New* Musical WINDY CITY. Based 
on the oUy The Front Pape. Directed br 
Peter Wood. Eve* 7.10. Mat Wed i. Set 
3 pm. Credf* earn Hotline 930 9232. 


WHITEHALL. 839 6975-6976 and 630 
"69ir7768. ROBERT POWELL » Philip 
Marlowe. LEE MONTAGUE as Raymond 
Chandler In PRIVATE DICK with Ronnie 
Lettum and Elisabeth Richardson.Tleltets 
£3. £4. £5. £6. £7. £8. Students S-bV 
L2.50. Mon-Frl a pm. Sat 6.15 pm and 
8-45 pm. 


ART GALLERIES 


ALLANS, the London gailerv entirely de 
voted to Chinese textile Art. Hand 
embroidered silk Pictures for giving and 
collecting from £2 to £2.000. Try to 
call and see them or send 5Dp lor cat?' 
togue. Lower ground floor Of Allans 
Famous SIR Shoo. 56'58. Duke Street 
Grotvenor Square. Wl. Mon.-Frl. 9-6 
SaL 9-1. 


BLOND FINE ART. 33. SSCkvIlle St. .... 
01-437 1 230. GALLERY ARTISTS. Until 
18 Sept. 


GALCRtE GEORGE offers unique Invest- 
ment opportunities with Galerle George 
Collectors plan fwlth Interest free credit!. 
EXHIBITION of Fine English and Conti- 
nental Paintings and Watercolours 1820 
1920. 96-98. George St. Wl. 


WYNDHAM'S. S- Alr-tond. 836 3028. CC 
379 6S6S. Grp ' reduction* 836 3962. 
Mm to Sat 8.00. ROBIN ARCHER In 
A STAR IS BORN. 


YOUNG VIC Waterloo!. 928 &363. Em 
7-30. Sat Mat 2.30. EDWARD FOX In 
HAMLET. All seats £2.30. 


FINANCIAL TIMES 

PUBLISHED IN LONDON & FRANKFURT 

Head Office: 1*. Financial Timas Limited. Bracken Horae. M Cmen Stree t, Lande nECflfr 4BY. 
Tahoe MS4871. Tata*: 865033. THegrwm: Flnotthne, London. Tileptaera: Ol -2480000. 

FranWart Officer The FImkM Tims (Bwpe) UtL adofletti D. 54, 

West Germany. Tetae 416193. Telephone: 75900. Etfitorfat: Frasksoflee 71-8L TeJte= *16052. 
Tdaghmz 7598 157. 


LEFEVRE GALLERY, 30. Bruton St-. Wl. 
01-493 1S72-3. XX CENTURY WORKS 
OF ART. Mon-Frl. 10-5. 


LUMLEY CAZALET, 24. David St., Wl 
01-499 5058. Late 19th and 20th 
Century Original Print*. 


RICHMOND GALLERY. 8. Cork Street. 
London. Wl. An exhibition or painting* 
or GASTON DOMERGUE, 1BSS-1927. 
Mon.-Frl. 10-6, SaL 10-1. 01-437 0284. 


SALE sale SALE 50% reduction*. 
Humorous and colourful paintings by 
younger artists. CRANE ARTS. 321. 
King* Road. London. SW3. 01-352 
5857. Turt.-SaL 10-6. 


INTERNATIONAL & BRITISH EDITORIAL & ADVERTISEMENT OFFICES 

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talked of a " blotchy hai 'stormed 
copy” of All That Jazz (their 
label) I had glimpsed unspooling 
in a shop window. They veiy 
kindJy invited me out to their 
videotaping HQ in Peri vale, 
where I surveyed the serried 
ranks of video-recorders gestat- 
log future copies of Star Wars. 
and they assured me of the tip- 
top pains they take over tape- 
transferring. 

I have since seen Fox review 
copies of Bus Stop and An 
Unmarried Woman, and though 
good they did not seem to me 
to ba the equal of the films of 
the companies aibove. Happy 
though I would be to review 
their wares further — it would 
be reckless to judge them on 
the strength of two films — they 
have lately told me that it is 
inconvenient for them to send 
roe copies in the Betaroax format 
(to fit my machine) and could 
I assist them by buying or rent- 
ing the more popular VHS 
recorder? (CIC also begrudge 
review copies and have issued 
the same suggestion.) 

This seems to me to be an 
alarming, though I'm sure uo- 
witting. attitude. Betamax 
video-recorders currently boast 
30 per cent of the tot3l VCR 
sales in Britain — ao trifle — and 
is it not reasonable that in addi- 
tion to the many reviewers 
using VHS recorders, a critic or 
two should represent Beta- 
watchers’ interests? 

More of this Byzantine saga 
anon. Meanwhile the panorama 
of major cassette-companies in 
our survey is completed by Home 
Video. Precision Video (the 
cassette arm of ITC quondam 
film company of Lord Grade). 
Intervision. MGM/CBS and 
Warner Home Video. All are 
fine in quatity and well-stocked 
with good titles, although none 
has quite the variety of the top 
four companies in our pantheon. 

Columbia/RCA came late into 
the video field and though early 
samplings are promising — good 
copies of Easy Rider and Cali- 
fornia Suite — if is too soon 
for judgments: an expanded 
catalogue is eagerly awaited. 
Palace Video likewise. They 
have leapt bravely in where 
major distributors fear to tread, 
into the art-house end of the 
market: with films like Mephisto, 
Fil:carraldo and Erascrhead. 
They are also now advertising 
the remarkable service — which 
cannot be long in proliferating 
in a piracynnervous industry 
anxious to forestall rifccit private 
enterprise — of recording their 
films straight onto your Wank 

tapes. 

Last and one wishes one could 
say cot-least there is Kingston 
Video. Kingston have the best 
list of Hollywood goHen-oldde 
titles in the whole British video 
market: John Ford. Howard 
Hawks. Astaire and Rogers, Cary 
Grant ... the names drop like 
gold bricks. But the copies I 
have seen a-re easily the worst 
of my video acquain tance. Surely 
a collective word in Kingston’s 
car from this critic and several 
others, and any video-viewers 
anxious to t3fce up the cause, 
might persuade them to provide 
great picture-quality as well as 
great titles? 


the shade. The morning session 
still has 15 minutes to run. From 
a cloudless Florida sky the sun 
beats down mercilessly on the 
green asphalt courts making 
them painfully hot underfoot 

Annabel Croft, an athletic 
16-year-old from Farnborough, 
Kent, is already flu died with 
effort, her T-shirt sticking to 
her back In the humid air. She 
wrinkles her face with concen- 
tration. takes deep breaths, and 
prepares to resume the chase 
from side to ride ‘-'as she 
attempts to thread her passing 
shots beyond the reach of the 
agile boy at the net 

The yellow balls are being 
delivered with pace and accu- 
racy, by the instructor who 
stands across the net fit the edge 
of the court alongside a super- 
market trolley loaded with more 
projectiles. The drill is specific 
and tactical. 

Parents are reassured by the 
total commitment of Harry’s 
wife. Lucy, and bis niece Julie 
who together organised the office 
and the dormitory accommo- 
dation with a small staff. Some 
children now attend the camp’s 
full time school, Bardmoor 
Academy. . run by trained 
teachers Norman and Jo Palmer. 

The urgings of the instructor 
are firm but encouraging. “Go, 
Annabel, you can reach it-” She 
is a fraction lete for the back- 
hand. “Move off the mark a 
little faster.” A forehand pass 
is too near the centre and gives 
the boy at the net an easy kill. 

“ Go for the tines.” A backhand, 
beautifully struck, whistles down 
the Uhol “That’s it — four of 
eleven— you can do better— keep 
concentrating 

It is a routine morning at 
Harry Hopman's International 
Tennis Camp at tbe Bardmoor 
Country Club, a 1,500-acre golf 
and tennis oasis on Florida's 
west coast midway between St 
Petersburg and Clearwater. The 
42 courts (32 clay and 10 
asphalt) plus 16 more at two 
nearby clubs are alive with 
activity as the 191 campers from 
30 countries ranging in age from 
eight to adult, but mostly teen- 
agers, respond to the demands 
of the 61 professional coaches — 
many of them former circuit 
players or leading college 
players. Tbe visiting juniors pay 
$860 for a two week stay ($977 
in the winter season) and 
adults pay from $525 per week. 

They aft count themselves 
lucky to be here. Since early 
M-arch over 400 hopeful, appli- 
cants have been on the waiting 
lists for July and August. Only 
half will be accommodated. 

Precisely at 11.30 most of the 
activity stops as the tired but 
satisfied customers file iitfo the 
spacious air-conditioned club- 
house for a salad lunch. But on 
one of the asphalt courts the 
activity continues. Vitas Geru- 
laitis, a regular visitor. Fritz 


Fitzgerald on a tone-up visit, are 
running wltit sweat. They are 
working oat with one of tiie 
instructors in preparation for 
tournaments in Canada and 
California, which precede the 
U.S. Open. 

On an adjacent court Andrea 
Jaeger, another Bardmoor resi- 
dent, Is playing herself bade to 
fitness after. damaging an ankle 
in Australia. There is an elec- 
trical whirr as a white golf cart 
glides to 8 fcaK alongside the 
court bearing the old guru 
himself. 

Since having surgery on both 
hips last October Harry Hopraan 
has riled at least ten years. 
Looking at the spare, agile 
frame, the lean, taut face and 
dear piercing blue eyes, you 
would never guess that he has 
just celebrated his 76th birthday. 
“I haven’t felt so well for years,” 
he says. His appearance and 
alert, derisive demeanour con- 
firm the fact 

“It’s great to be back on 
court bitting balls again, some- 
thing which tiie arthritis did not 
allow.*’ 

He constantly prowls the courts 
on the golf cart looking, learn- 
ing and assessing. Later, during 
tbe afternoon session, I watched 
him introducing four times to 
tbe mysteries of the angled 
volley. Craig La Croix (aged 
12). and Sean Boice (10), both 
from Trinidad; Bafael Pieck 
(11) from Mexico and 1 Juanito ’ 
dt Angelo, an eight-year-old 
Colombian, are obviously enjoy- 
ing the leg-pulMng mid the 
friendly eba dings as they mis-hit 
many balls. “ Just grip the 
racquet . firmly and turn the 
wrist ” says Hopraan as he 
demonstrates. Suddenly Bafael 
executes the perfect faded 
winner. 

The sense of achievement is 
obvious and delightful. 

" I try to give value,’’ Hopman 
says. *’ 1 drum it Into the 
instructors that the campers are 
entitled to 100 per cent effort 
from them. Of course they want 
to improve, but they want to 
enjoy the experience too. They 
won’t all be champions but they 
can all enjoy being stretched.” 

Harry Hopman has been 
stretching players for more than 
40 years. A~ former Australian 
Number Two his success with 
the Australian Davis Cup teams 
of the 1950s and 1960s is 
legendary. Between 1950 and 
1988 Hopman produced 15 win- 
ning teams from 19 finals. His 
strict but fair discipline, his 
belief in fitness and his instinc- 
tive grasp of psychology helped 
to release tiie talents of such 
great players as Sedgman and 
McGregor, Rose and Hartwig. 
Hoad and Rose wall. Stoll e and 
Emerson, Fraser, Cooper, and 
Anderson. Laver, Newcombe and 
Roche. 

There was a minimum of 
technical instruction and each 



s. .'. ■'* :■:•»! . . iA , 

Annabel 'Croft . 


. up at 7.30, tennf* and more tennii, then 
awful exereises ’ 


those 


man was treated as an individual. 

It is the same at Bardmoor. 
That is why generations of great 
players have sought “ Hope's ” 
advice and still do. The value 
that John McEnroe. Gerulaitis 
and Peter Fleming derived from 
Hopman during his first years 
in America at Hy Zausner’s 
Port Washington Tennis 
Academy in New York (1970-75) 
was remembered. Hopman has 
the knack of restoring can* 
fi deuce. 

Today Australians Peter 
McNamara and Paul McNamee 
return regularly to their homes 
at Bardmoor for rejuvenation 
as do other residents Chris Lewis 
of New Zealand, Hans Gilde- 
meister of Chile, Andres Gomez 
of Ecuador and Americans Tim 
Mayotte. Kathy Horvath and 
Bonnie Gadusek, a home product 
and the 18-year-old daughter of 
the club’s resident nurse. Sylvia. 

That is why young hopefuls 
like Annabel Croft gravitate to 
Bardmoor. Already ranked 145 
in the world, she realised it was 
necessary to gain experience in 
America where the best players 
come from and the toughest 
competition lies if she is tn break 
into the charmed circle of the 


world's top 20. 

Bardmoor was a logical 
starting point. “This has 
opened my eyes ’’ she says. ** We 
work so hard — up at 7.00. 
breakfast at 7.30 in the golf 
clubhouse, warm-up exercises at 
8.45. tennis from 9 to 11.30 with 
a ten-minute break, lunch from 
11.30 to 12.45, more tennis from 
LOO to 3.30. and then those 
dreaded exercises. It’s really 
tough but I'm very much fitter. 
We each hit 2.000 balls a day. 
You have to improve.” 

Against the advice of the LTA 
who wanted her to concentrate 
on domestic and European under 
16 events. Annabel has chosen 
to make her own way and her 
surveyor father, Jim, decided 
the investment was worth it. 
This is the individual spirit 
that helped Fred Perry and 
Angela Mortimer to succeed 
against the odds. 

It is too early to say whether 
Annabel has tbe same innate 
ability. But she deserves to 
succeed. The testing time will 
come as she enters the tourna- 
ment jungle where all sorts of 
dangers lurk on and off the 
court. At least after a month 
at Bardmoor she will be 
prepared for some of them. 


Trevor Bailey examines the lessons of the Lord’s Test 

Why the Indian summer is over 


PAKISTAN’S COMFORTABLE 
victory at Lord’s has not only 
guaranteed large scale crowds 
for tbe decider at Headingley 
starting next Thursday but has 
also underlined the many prob- 
lems confronting the England 
selectors. These have been 
largely camouflaged this sum- 
mer by England’s performances 
against the disappointing India 
and a Pakistan, who until the 
Lord's Test, lacked sufficient be- 
lief in their own ability. 

The most worrying feature 
about our ten-wicket defeat was 
that the tourists were superior, 
apart from behind the stumps, 
in all three departments of the 
game. Our batting lacked both 
runs and class while Pakistan's 
secret weapon. Mudasser, the 
man with the golden arm who 
seldom even got on to bowl for 
Cheshire last summer, cannot 
have believed his good fortune 
as he shot out one after another 
of our main batsmen. 

Our bowling was so short of 
variety and penetration that one 
felt, sorry for David Gower in 
his position as captain. He was 
able to change his bowlers, but 
not his bowling, because it was 
essentially much the same, 
mundane medium-pace. Finally, 
too many catches were dropped. 

Some changes are clearly 
required if England are to beat 
Pakistan next week and retain 
the Ashes in Australia next 
wittier, but it must be admitted 
that there are not too many 
alternatives. Although Peter 
May and company have made 
several obvious blunders, such 
as including Pringle and Greig 
in the same side, two useful 
"bits and pieces" cricketers wbo 
both looked completely lost 


when confronted by leg spin, 
and their inability to find an 
established opening pair. 

They have been hampered by 
the acute shortage of quality 
players available. To make 
matters worse England lost, 
through last winter’s South 
African adventure four possible 
opening batsmen and four pos- 
sible opening bowlers. 

Casualties on that scale are 
bouDd to have an adverse effect, 
especially in these days when 
anybody who makes a century 
or takes six wickets in county 
cricket, is automatically talked 
about as an England prospect 

The six certainties for the 
. next test are Willis. Taylor. 
Tavare, Botham, Gower and 
Lamb. The pace of Bob Willis 
was sadly missed at Lord’s and 
I would like to see him given 
the support of another genuine 
fast bowler which would allow 
Botham to take over as third 
seamer. 

lie young Middlesex bowler. 
Cowans, is the quickest I have 
seen, but he has played in only 
a few first class matches and is 
still very much . in the novice 
stage. He would certainly 
represent an interesting 
gamble, though a very £ood bet 
for Australia this winter. So it 
could be argued that It would 
be wiser and safer to retain the 
dependable fast-medium Jack- 
man for this one match. 

Although there are a number 
of opening batsmen who could 
be chosen to partner the make- 
shift Tavare. possibly allowing 
Randall to return to the middle 
order where he is far happier, 
there are either doubts as to 
their pedigree, or, like the 
exciting Potter from Kent, are 



.’Wtf i 

Norman Cowans and Vic Marks 


not yet quite read}’ to take on 
the role against such a fine new- 
ball bowler as Imran Khan. 

The England slow bowling 
section is also depressing]}* bare 
and I expect two from lie 
following three offspinners. 
Miller, Hemmings and Marks, 
to be included in the twelve. 
Miller is the most accomplished 
batsman and we couid do with 
more runs than the middle 
order provided last time, 
Hemmings imparts the most 
spin and Maries gives the ball 
more air .than the other two. 

But is the Somerset all- 
rounder’s bowling and hatting 


RACING 

DOMINIC WIGAN 


DESPITE the presence of that 
remarkable filly Soba in today’s 
2.45 pm renewal of Kipon’s 
'Great St Wilfrid Handicap, the 
most interesting race of the day 
to my mind comes 15 minutes 
earlier at Sandown. There Peter 
Walwyn’s handsome North Stoke 
colt Naar attempts to extend 
his unbeaten record in the Inter- 
craft Solario Stakes. 

Naar, who battled on well to 
lift the Granville Stakes on his 
debut before following up with 
a length Swan National Leasing 


Stakes victory over Fenny 
Rough at Salisbury, meets five 
previous winners. 

Naar accomplished his Salis- 
bury task in what will soon be 
established as typically gritty 
style. However, be had to be 
driven right out by Joe Mercer 
and I doubt if the form or even 
a marginal improvement on it, 
will be quite good enough. in to- 
day’s company. A better bet 
looks to be the once raced 
Kuwait Tower. 

Had he not swerved near the 
finish in the Sandwich Stakes at 
Ascot last month, he would un- 
doubtedly have held Muscatite 
rather ‘than sharing the spoils 


with tbe gambled on Bindley 
colt. Sure to be all the better 
for that apparently much 
needed outing Kuwait Tower, a 
strong well made coh by little 
Current out of the Prix Jacques 
le Marois winner. Gris Vitesse, 
can justify the 575,000 laid out 
for him as a yearling. 

Soba had anything but an 
easy race when having to be 
driven for all She was worth 
from some way out in the 
Northumberland Sprint Trophy. 

SANDOWN 
L30 — Thorn down 
2.30 — Kuwait Tower*** 

RtPON 

L4S — Perchance** 

2.45 — Kathred* 


really up to international 
standards? Obviously a left- 
hander "would provide more 
balance than two offbreak 
bowlers, bur tbe most obrious 
candidate Edmonds proved 
strangely ineffectual against 
India while the promising Cool: 
has not taken as many wickets 
for Leicestershire as had been 
hoped and expected. 

In recent years Headingley 
has often favoured se3m 
bowling, so it might pay to 
include a fourth seamer who 
was in form with the bat. 
Although .Hampshire’s Trevor 
Jest}- has been around Vie 
countv circuit for some time, 
though not as long as Robin 
Jackman, he is a handsome 
strokemaker who at his best has 
often looked to have class and 
tiie time to play his shots. 

Hojsever, he has never made 
the runs one felt he should 
have done, as is shown by a 
career average which stretches 
weH over a decade of only 27. 
As he is also a useful medium* 
pace swing bowler at count;.' 
level and has been enjoying a 
most successful season he. in 
the present circumstances, 
warrants consideration. 

But one cannot help feeling it 
would be more sensible to have 
experimented an this maimer 
against India, rather than in 
this crucial Test with Pakistan. 


HNANQALTIMES 

BRACKEN HOUSE. CANNON STREET, LONDON EC4P 48Y 
‘fetegrams; Rnantimo , London PS4.T(&tesc 8954871- 
. Telephone: 01-2488000 * 

Saturday August 21 1982 

Enter the cult 
of the Gilt 


FINANCIAL MARKETS 


Financial Times Saturday August 21 X9S2 






By Anthony Harris 


LADIES and gentlemen, by offi- 
cial permission, the ell-singing, 
ail-dancing Gilt Edged Show! 
In other words the Bank of 


I K* ■ ■ ■■■ rp HE PROFESSIONALS of 

V'UJ.w I the City of London were 

E badly wrong-footed last 
a week. At the weekend jobbers 

1 I4i had left themselves short of 

fl || stock, while the investing rosti- 

M -1.JL %f tutions were (and still are) 

flush vrati cash. The brokers' 

between equity yields and gilt Augustf°comS 

yields is still known to analysts ™2. “2JSSP w, ft?™5 


as the "reverse yje/d gap” is a 
reminder that it is the situation 


enough . material for an 
anthology of wrong-headedness 
—notably one with an entire 


&SSX £££'”** “ 


an indexed stock, of all thing s. 


stoncauy annomui. interest rates is unsustainable” 

An extreme interpretation of so when the market turned. 


at cne end of the best wees for ^ events is that we are prices bad to jump. There 
51115 5 ?*? e dHnax *** heading back to the days when was a shortage of stock, which 
great 1977-78 bull market gave gilts were the safe, respectable persisted: volume has been high 
official blessing to the boom. It investment for widows and only in holiday terms during 
seems to be saying, in effect orphans. Equities were a bit the week. 


seems to be saying, in effect orphans. Equities were a bit 

that long yellds of II* per cent raffish, and paid a risk pre- ^ hoUdav probably explains 
rnre still unduly expensive when mium. • a lot . Realise what U puzzling 

ta ^®5 In " Risk is petops to key word. about the large fall in U-5. 

thrte^so’ a^rStumer d£§ taflation has cree P^ down interest rates is not so mu«* 
cneaper deaI for a long time, but there was why it has happened this week. 
1D L- taxpayer * thought to be a risk that it but why it did not happen 

This is not a wild judgment in would soon go up again, before. Short rates have been 
a week when one leading stock- Recently, however, attention has falling steeply for nearly two 
broker has forecast inflation been concentrated on much months — a clear sign that the 
f alling to five per cent in time more pressing risks. Federal Reserve Board, the U.S. 

for &e next general election. AV ,~ eonivalent of the Bank of 

Indeed, as we have argued in . n England, wanted them down, 
the naitf the MithnririM sureiv shock- Investors who anay have ... 

stored been aware that Chrysler or However, the market has been 

when they issued lona-dated International Harvester were in there before— in October 1981 
stocks with yields in theteens. trouble could blame ail kinds most recently— and watched 
ASa^SStSA tot «T special factoi* but when a rates ML only to temvxv® 
were the laS to be convinced by of German engineering, again. The bond market, which 

their own determination to cut controlling a whole dutch of shows what investor think of 
inflation/ household names— Olympia, Fed poHcy, responded entbna- 



>V| 




1 Commercial Paper.3Montb I 

Treasury BiHs3Month W 

' US. Government Securities composite Long Term 
Corporate Bonds AAA 


Souw Fodand Reserve Boord and Salomon Bros. 


JUL 

1982 


However, the market has been An explosion of buying on the floor of the New York Stock Exchange last Tuesday following the sharp fall hi U.S. interest rates shewn in the graph 


household 


■ Olympia, 


Forbidding 


Neff. Telefanken — asks to write astically during July, but ran jg this crowding-out effect rising. 

off more than half its debts, completely out of steaxnin the ^ich has been the basis of the As a result, ihe money supply 
then confidence is really first weeks of August The big i ong stream of bearish forecasts ^ n0T rise 35 forecast af;er 


terms, recent stock value has to be so soundly based on econo- and borrowers, which will re- 
been lower than at any. time mics. Knee-jerk reactions to strain credit and growth, 
between 1963 and 1969. a period Wall Street and a weaker dollar whether rates are high or low? 
in which British equity values are only to be expected, but The answer to this long string 
have multiplied three times ou need not be followed. of questions will be the resRy 

the broad actuaries index. In i t must ^ remembered that crucial test of the great econo- 
real terms there has been a the London market, unlike Waff mic argument of recent years, 
precipitous faff, though earn- street, is not ai a historically that between Keynesians and 


useful reminder that given the 
present inflation ouloofc. long- 
term rates are still far too high. 
They have fallen only in step 
with inflation forecasts, and the 
real cost of borrowing re- 
mains forbidding. 


rate crises and bankruptcies positions, leaving their cash on 
which have added 800.000 to deposit, and going away for a 


the unemployment' roll. 


bit of sun. 


strong economic recovery ia the 
second half of this year. Bad 
economic news finally persuaded 


J . ' ° Mexico’s problems have been The markets, however, do not them to revise their forecasts. 

H important to remember ^ a *ffere£t observe the orderly tide-tables However. Dr Kaufman s 

a * “ thP fnrn1nP fcM It hT?J tenteSgto on which holiday change of heart came late <n 


that fact, because the turerng Miri » hS mw fceen ^Sf on which holiday sailors and change of heart came late in 

point we have reached, if it ™- " f" S toK pa ddlers can plan, and there was the day: interest rates were 

proves to be a genuine turning- {““* lots ti>i< atttougbt P about ^ events already falling for much more 

point, is not the nsu altum m "■ , * "SS!™ which Suddenly released a tidal pKSSi i g reasons. A senes of 

a, four-year business cyde. flS bore of investment funds on ftonriri alarms reached a 

It is instead, a turning-point d -JJJ Wall Street. It was bad econo- climax with the failure of 

fn inflationary expectations p_ nn an j ihac nnt mic news and financial fright another Wall Street bond trad- 

after a battle which has lasted Canadian ™ . I which did the trick. ins house, two huge corporate 


suspected f he Fed of renerinz 
cn "anti-lnfla'mn with cam- 
ps icn rtf rate-cutting, began to 
be convinced after all that the 
new policy vis quite consistent 


discounting murderous interest 
costs. 7 or S per cent above the 


Equally, gold is a safe haven 
if inflation is rising and no 

rrencies are safe; it is hardly **”“*?**?; 

«- *-n_ stances is as effective, as ne said 


underling rate of inflation. The mremnM are ,? i< htrrilv forest rates in these nrcunv 
fall in interest rates does tm- affTacriv** if inflation is fail- stands is as effective, as he said 
prove the picture : if.it can be tetmt OtlS-Se ?« » memorable phrase, as push- 


kind It has now ween orousht ou vmuu uwu««j *** ..w-h Th*-r j j r j — ,,y. “ ; mg ana rest rmeresi rates — ine 

home to investors that thought- pa ddlers can plan, and there was the day: interest rates were w.h respon.ijie p.ncies. Th.^r extended and consolidated, it ?a p between the yield on bonds 

1™ SendS to ^ Sloping nothing sunny about the events already falling for much more hohi «n rDp * co « ld meax ! s . umval and ultI ' and the expected rate of infla- 

cmintries ca? he potent® £ which suddenly released a tidal pressing reasons. A senes of be-ame half-heart. d. mate growth for many corpora- tion— are still near their historic 

Scbv M bore of investment funds on financial alarms reached a it was. then, the computation tions previously on the danger hiBh _ The U.S. Treasury is 


mg on a string. 

If the Keynesian analysis is 


which did the trick. 


only because the inflation news Cjmtmus 
remains good, but because the 
economic outlook remains poor. Of cour 
or worse. rates are . 


in the market marked the end tj, e Mexican crisis. 


of a struggle between two con- Financial confidence rests on 
Of course, falling interest fijeting views of the world: as is th e assumption that securities 
nates are good news for bor- often the case, once one side got bought will be delivered, those 
rowers, and thus for nearly aH t ^ e upper hand things went with so id paid for. that IOUs will be 


We mav be seeine in the mar- rawers. and thus for nearly aR the upper hand things went with 
knaM^ iiSS to* corporate sector, so that a ^ One body of opinioi 
ShSSSSe “oiltrf S some response in the equity essentially looked backwards, to 
JrrtSv v™** *»■» Mtural the long struggle against wfl* 


Mniitv <»tne miartm* of » centnrv vnwm u»» uwm tne long struggle agaiuai uiu*.- crises and nitnoured disasters h„ im u, .L. , d.HHon 

Sr^Th^TmTd? to enough. However, a shock to ti on; to other looked ahead. D f the past ten days have cast 

Sv‘ srmS? evenat tiie^nense confidence which bnngs down to the problems of depression doubt on all these assumptions, jjfj • 0I J® 

tmy _growm. even at tne expense be defanit a •' flight into 3 ust as ™ e other relaxed. All 


h meai L ana ulu ' and the expected rate of infla- If to Keynesian analysis is 

came half-hearted. mate growth for many corpora- tion— are still near their historic nghh the fact that to fall m 

It was. then, the compilation tions previously on the danger h ig h_ The U.S. Treasury is interest rates was the result of 

.. emphatically not one of the a bad financial fright simply 

international borrowers liable means that the collapse of con- 
Troocim? Kill aiiotinnc to default on its own paper. fidence already evident in indus- 

IlCdSUrj/ Ulll aULUOIlb VVfULIl A sustained fall in interest try has now spread to the mar- 

Uoan rr'itl-i Aron A rates is likely to raise the value kets. The fall in interest rates 

naa DGCn rC^aruCQ wlin GrCaQ of u.s. bonds more than U' will do nothing more than 

J,, _ _ _1 ■_'+_,_+ * . r deores>es the dollar. The prevent things getting worse: 

produced insistent buying sustained strength of the gilts we have started on a dejrres- 

_ market in London, contrasted aon. 

with the relative hesitancy of The monetarist argument, on 
good monetary news, poor list. It will also help to bail equities, reflects the same the other hand, says that pro- 

Miomic news and near disas- out financial irstitmions — underlying reality. . vided to authorities do not 

ius financial news which notably mortgage banks — with A long-term view then still let slack credit demand lead to 
ought the contest to a sudden surviving portfolios of fixed- depends, as it always does, on a collapse in the money supply, 
d : one side pulled harder interest loans. an appraisal of the economic th en falling inflation and rising 


orren ioe case, uace out cousnt will ne a?tiv«r?u. uiyae - w , (h , hp rP l a rivp hefftanev of 

the upper hand thing! ‘went wl sold paid for. that IOUs will be Q{ good monetary news, poor list. It will also help to bail equities, reflects the same 

a honoured, and that 1 °“ economic news and near disas- out financial irstitmions — underlying reality. . 

essentoly lwdmd Mnrij to tees wiU stand^ up. ^ The actual finaoclal ne . A - s v.-hich notably mortgage banks — with _ A long-term view then still 


interest loans. 


then falling inflation and rising 


of yield. Now it begins to make 
sense to buy certainty, even at 
the sacrifice of possible growth. 
On Wall Street, where the earn- 


interest rates can hardly be and potential default. The result was a *' flight into 

good, news for economic growth The things which give night- quality”-— a rush c f funds into 
anywhere. Conditions imposed mares to the backward -looking u.S. Government securities, 
by the IMF, or just as effec- school are ballooning U.S. W bose yields began to fall 


just as the other relaxed. All Finally just as in Britain in fundamentals. Do you believe bond values will persuade people 
to news suggested that the jasi, the combination of higher Dr Kaufman and to CBL along to release their investments, 
time was ripe for a big fall in taxes and lower interest fates industrial manage- ^ ^eu- saving* rate, and sn 


interest rates. promises relief through a drop ," n th ™ £1 start a revjrai thro 

The spectacle of the President m the painfully nver-vsiued , JnS SUmer demand. T he 

i television pleading with dollar. America is still a rela- J* jn 115 tor 1 long euphoria which has n 


nn both sides of the 


inw dPld on pouitips has ^ commercial banks Government deficit, and the gteenly. Treasury bill auctions 

JSSntlv pot^ s4S3 nolnS with t,adl - v burned ^ (rs - ■" weekly figures for to U.S. of August 5. and more markedly 
I5S iL on US bound t0 tec* the flow of money supply. on August 9. which had been 

trea^urv hnmfc thk reversal can new credit whiCh keeps trade On this view, the Feds only reearded in advance with dread, 
treasury honds. this reversal can problem is to restrain to tend- produced insistent buying and 


u cajm j uuuup, mm xon flnwina 

already be seen, and investment U0 J7 j' 0 
analysts expect it to persist _ 

If the prospect is really for oests ? 
an obstinate recession, with y ery ca 
falling inflation, then it is clear uphich 


Can Britain sit this one out. ency of the money supply to faHinc yields, 
as our own equity market sug- overshoot its growth targets. Meanwhile, 
gests? In some ways. yes. The while to problem for the mar- obvious that 


an 4i'jf?u$t « which had been * oXe rs to support higher taxes tivoly closed economy, hut it is II1 Jr B 10 5 oni " 

in advance vnrh dread ™ nnt nearly as elnsed as It ones and Prestdem 

produced insistent buying and JJJf* !?* _ . r „ . Rpaean. who both now argue 

failure yields. JS-T l m-h Pno-, nl . Ar, , 0 " T h3,f ’ ha f3 ” ,i? 0Ut C Ur tha# higher raxes and a smaller 

• - • - -- Kaufman, toe Hi*ti rrio--t ot j n current recr^mn has 


revival through con- 
imand. The financial 
which has resulted so 


’*5 ° rin V h.i c-r ^denJy fmm an initial shock 

SJriH. nt to confidence shows the strenglh 


very cautious corporate policies kets is to find buyers for the were also becoming more 
which have so depressed pro- ever-bigger flow of U.S. treasury worried about safety than any. 


Meanwhile, it was becoming Kaurman. «i?n rno-i ni 
obvious that pnvate borrowers crowding out. said a burned 

grace at a feast which wa; 


been a reflection of the weaken- 
ing current trade position— 


that gilts can rise much further, faction and employment in the I securities— needed to finance thing else. Corporate invest- second course. 


already tucking eagerly into its which in the days of fixed ex 


deficit arc all tot are needed 
to cet a recovery going? 
(Sir "Geoffrey would of course 
add that his own responsible 


but equities may ne over- ^ave also led to sound President Reagan's deficits. ment plans were being slashed, The reaction ot tne equity stabilise the U.S economy in wor 
valued. balance sheets: GEC is rich in Tbe underlying assumption of and consumers were not eager market is at first sight harder recession. The Americans too thei 

11 r cash where AEG is broken with this school of thought— so far to spend the tax cuts and social to understand: one hardly ex- are learning that life under the t 

Aonormoi debt, to take an extreme underlying that it is often for- security benefits which came pects record rises on a diet of rules of monetarism and float- mat 

Already younger readers may example. The sluggish UK tends gotten altogether— is that there through in July. economic recession and impend- ing exchange rates is far more peni 

be incredulous. If gilts boom, to do best in bad times, as it is always a strong private They were uncertain of their ing bankruptcies- of a roller-coaster affair than win 

can equities be far behind? did in to 1930s; but not until sector demand for loans, and an job prospects and also aware However, its reaction is per- anyone under about 60 can late 


- _ change rates used to help to policies had litrle rhanre to 

■esident Reagan’s deficits. ment plans were being slashed, The reaction of the ®9U}t> stabilise the U.S economy in work until the Americans got 

Tbe underlying assumption of and consumers were not eager market is at first sight harder recession. The Americans too their act together 

is school of thought— so far to spend the tax cuts and social to understand: one hardly ex- are learning that life under the This question i 


Abnormal 


■ too. 

is not just a 


of such reasoning. 

UnfortnratcJy. there is a 
Catch 22: if the market revival 
does quickly provoke a rise m 
spending and in confidence, 
how long will it he before rising 
borrowing, nsms wages and n*I 
and commodity prices revive all 
the pressures which led to 
crowding oiii and murderous in- 


Unfortanately they can. as any- real interest costs axe a good equal supply of wiiling lenders; tot their tax-cutting President, fectly rational. What is easily remember, 

one with a historic sense will deal lower than they have yet It is in such a world that banks like Mrs Thatcher a year forgotten is the pitiable state Events i 


ware However, its reaction is per* anyone under about 60 can late the economy, as Sir The inflation dragon may look 
tient. fectly rational. What is easily remember. Geoffrey hopes, or are they sick at the moment but he is not 

year forgotten is the pitiable state Events in the London market simply a reflection of the lack of yet dead. Until then, the best 


The fact tot the gap 


everlastingly tend to expand, earlier, was now about to raise of Wall Street. Even in cash and the gold market do not seem confidence, among both lenders news may remain bad news. 


ACTI 

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prote 

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fficatii 

‘?‘!5bal 

price 
more 
'direct 
iifg tr 
■ Las 
whole 
fareig 
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year : 
WS2 
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Minis 
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doubt 
adopt 
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Into 1 
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•The 


Letters to the Editor 


Politics 


From Mr F. Whetstone 


with the parties of toe Opposi- In 1978-SO, in a fir of misguided revaluation involving a higher and close on other days of the turns from the UK. as well as 

tion, is a must for organisations enthusiasm, it equally ignored depreciation charge. Tbe pro- week when trade is poor. Some absorbing their obvious extra 

such as toe CBI and the TUC. the exchange rate message, this gression of a company’s results, prefer not to open on Sundays, transport j»sts and. ^ra ^some 


Sir,— The "practical" potiti- It is a requirement of our time in the opposite direction, vis-a-vis inflation, can readily 
cians’tn the Conservative Party democratic tradition. As such, and very nearly ran the economy be worked out by reference to 


efer not to open on Sundays, transport costs and. in some 
Given the chance, the same cases, tariff barriers? The Dutch 


have become, as your economic* 
correspondent recounted in hit 
article of August 17, very con 


mind on all matters concerning stiH less compounding one ^ n ot accepted by the Revenue 


cerned that there will not be British industry and give his series of mistakes with another. is a significant limitation. 


in Scotland that freedom to regional aids, favourable taxa- 
trade when they wish has made fP 6 interest rates. The 


a pre-election boom to entice considered views when called After some rarefullyconcealed number of dividend shopkeepers push up prices, m ^^^Sre^currencJil 

— 4. r — a suntarrui annrmich is U-turns the Government is now c 5 snite nf toe dire forecasts ana aQ y lorei^n currency is 


the 'votera to return those for. A bHnkered approach is U-turns the Governiwnt isnow 3, ave seen either ^ ° f J he f .° 

M practical M men to power. the last thing industry, nay. the more or less on the right track. on]v nar tj 3 n v covered or wholfv curren ^y being made in 

Surely all the forecasters country, needs from him. It is * *■ * - ^ ,c 1 


r- * r— " _ ; . Y . . , U'UJ WUL UUJIJ Ul |.U^ 

Sorely all the forecasters country, needs from bun. It is Apart from a little judicious uncovered by CCA, profits nn 9 uan - e ^f 1 tha \ 

realise that whatever refla- bound to foster and perpetuate help here and there to remedy the part of companies who affect im?vK3ble resu,t 

tionary steps are taken now no the feeling of “ them ” and to worst effects of its own and ^ believe in this system nf Jeremy Mitchell 

boom can be achieved to obtain “us" at work place which has its predecessors* errors, apd a accounting seems a major National Consumer Ci 

such a desired result 


What is at issue is whether national will needed to pull 


US at wont place wmicu uca iig preoewesson errura. turn a accounting 
caused so much, harm to the greater determination to kindle hypocrisy. 


fighting spirit where 


major National Consumer Council 
IS Queen Anne's Cate, 5W1- 


In fine we believe that current 


the hardshig) of the last two through the current economic matters, there is little more , as kpt nnt in 

and a half years is to be wasted malaise. than it can or should do right S SLSSJd 


and such results as have been 


Terence should 


« '2 T fSffi d0 df 3K SSAP16 shoidd be ab^idoneff 
This, in our view, could be done 


Thorny 


^chiepd »= to be frittered applied rather _ ftan ^ l» JB ^theut aeyene s^Ferieg, butif 


a ^S? ? + v demned in keeping faith with supmne virtue, leaving time. overall it is feJt hnportaat to 

Were tot to happen the the democratic tradition of this and the good sense and natural pt, rsue a new f orm 0 f account- 
practical politicians would country. The people who want resflienre of others, to be toe tb e n we believe it should 
find themselves faced with a him to act otherwise cannot great physician. be on the basis "iff constant mir- 


f ©recasts aT1Q dV - loreign currency is 
in some needed to assist their fotterine : 
is an economy. Other third countries 
have the sun free and very low 
labour costs. Th? veiy strong 
pound of the last few years has, 
iwcil needless to add. been an added 
5WI. attraction to all importers. 

The U.S. growers' plight may 
be no bed of roses, but the UK 
growers’ situation a veritable 
bed of thorns. 

.Tom Lane. 

Pennyhill Nurseries. 


most unforgiving electorate. 

F, W. J. Whetstone, 

Bassetts Manor. 

Sartfield, StissczL 

Tree speech 

From Mr P. Bharali 
Sir, — The furore which some 
Conservative MPs and the 
chairman of Taylor Woodrow 
have created over tbe meeting 


profess to have anything other W. Grey, 
than a factional interest at ^ Arden Bond, 
heart. Finchley N3. 

P. BbaralL 

S Green Lane, 

Charlton. Nr. Banbury. mOnOg&Ml 

Oxfordshire. From ryuirm 


wiUiUUL anyuue buueaus, uu; u Rritieh xuiu ueiuc. 

overall it is felt important to association Pennyhill Nurseries. 

pursue a new form of account- ‘ sir_r rrc -antn^M 133 ^astgaxe, Louth . Lines. 

ing, then we believe it should _ ir* 

In our opinion tile generation ?>mpathy — laced with some bit* From Mr j..Ayhcard 
nf sufficient cash to pay for new terness that U.S. growers’ prob- Sir. — The economic sen- 

should feature so sibility of doubling the prices 


stock and plant at prices inflated 


Persistence 

From Mr W. Grey 
Sir.— There is 


°y mnanon nas no: 

Management ever t0 d0 wth accc 

From the Chairman, James is a function of com; 

Fmla y agetnent. 

Sir,— We have been following Sir Colin Campbell, 
with lively interest the dialogue James Finlay, 
natural which has been going on in the p.o. Bor 5& 


by inflation has nothin? what- prominently In your paper when of organic i asbestos-based 1 
ever to do with accounting. But the UK growers' problems are friction lining faces to protect 
is a function of competent man- so jreat. the interests of the petroleum 

agement. I write to you as the elected companies 


„ , tt sir. There is a nacurax wmwi naa ‘ dw 

between Sir Terence Beckett, ten3ptat i on to economy national pre«, including edi- Finlay House, 

the director general of file C3L •. Mriai comment thereon, on 10-14 XL 


Shore. 


remains so depressed, to reflate, tonal comment thereon, on 10-14 West Nile Street, 
Nevertheless, as Mj Nicholas current cost accounting. Having Glasgow*. 


Shadow OtanceUar, is beyond Sdi S the whole matter over 

hehef. They certainly _gv e> toe which, a long period, we would like fo 

mresswn asjf the CBI is a heartless though it may sound ' contribute to the discussion. 

to say so, ou^t to be firmly Accounts are a record of what 
managed by the Conservative ^ p lace ■ during a 


Shops 


I write to you as the elected companies and in perron 
chairman of a stalwart yet motoring to continue as sus- 
dwtndling group of UK commer- gested by the chairman of 
cial rose growers — the British Burlington (Sarile Kawi 
Cut Rose Growers Association. Shirts. (August 14 » would have 
In the last ten years, our acre- the effect of accelerating the 
age has shrunk by 60 per cent change to ceramic and sintered 
from 50 hectares to 20 hectares, materials whose production 
Mast of this lost acreage has does not create the same health i 
been “picked up** by Dutch hazard as asbestos and whose | 
producers whose acreage in- efficiency as friction material j 
creased from 673 hectares tends to exceed it. 


rciionai consumer uouneu to 777 hectares in the last John Aylward, 
Sirr-It’s good to see (August five years alone. Dutch SG, Oakfield Road. 


Eged^ hTtofiCOTsSrathre ^ ou^t to be firmly Aocmnits are a record of what From the Director, creased from 673 hectares tends to exceed iL 

managed ay tne wmserva resisted has taken place ; during a National Consumer Council to 777 hectares in the last John Aylward, 

To accuse Sr Terence of History, of course, never re- spemfic penod, setting out toe Sir,— It’s good to see (August five years alone. Dutch m oakfield Road 

harbouring bias towards Labour peats itself exactly. But I position at toe end of tot 17) the Financial Times back- imports into this country of aH p^b Birmmahnm 

L!Ton to economy hist vividly recall the spring of 1967 period stated m monetary ing the Trade Minister's sug- flower material (including pot ** £_ * 

h* niroeed to listen to when the then Government re- terms. The accounting prtrfes- gestion that shops in England plants) is a staggering £22m 

^HeSrhanSriews with Mr hire purchase controls in sion itself makes clear that and Wales should be free to (from just £2m five years ago). Brakes 

Xro nM oiilv doing cross the face of mounting talk, not SSAP 16 is not a means of decide their own opening hours. IsraeZi rose imports show the . 

rr-'SJ" fo iho intrfn oprtis* of to say fervent advocacy, ai a accounting for inflation. A recent public opinion poll same steep rise of 274 per cent From. Sir J. Jacooi 

* JSwmsiMe reDresentative of storim® devaluation. Within Jt to us that in showed that this is what most to 479 tonnes since 1977. Sir,— Mr G. Dolt is (August 

thetodustry, but also it smacks aonto tot niove. and others mone tary terms nothing can people think, My own and other rose 14) expresses the fear that in 

of unadulterated partisan that iate f: “ ad alter the fact tot current and 'In Scotland, where the same growers’ real costs have risen “ie absence of asbestos pro- 


Free dissemination of ideas a s am * wim accounts on a Historical up m response to local aeniana. xour readers may wen asx: -»• 0.-1:001. 

and information, not only with The present Government too. basis, ran be varied for capital Some shops open late, some why is it that these importing 3"fl. tfn.olc;/ pond, 

the Conservative Party but also has a good deal to answer for. items only by revaluation, such don’t. Soma trade os Sundays countries can afford these re- Stourbridge, tt’esf Midlands. 


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1 \Cjs> 







Financial Times Saturday August 21 1982 


William Hall, Banking Correspondent, reports on the problems facing the Isle of Man as an onshore financial cent 

A banking crisis shakes the Manxmen 



DK EDGAR MANN is a cheer- 
ful GP. who. as chairman of the 
IMe of Man’s Finance Board — 
The local equivalent of the Chan- 
cellor of the Exchequer — is 
finding that he is spending far 
jess time than he would like in 
his surgery and far more time 
than he budgeted for trying to 
solve wftar is potentially the 
worst financial crisis in die 
island's history. 

This week Dr Mann and his 
colleagues on the Finance Board 
la retired army officer and a 
former university lecturer) 
agreed to call in Bank of England 
officials, temporarily, to help 
♦hem undertake a thorough 
review of local arrangements 
for supervising banks. 

They also finalised plans to 
set up consultative machinery 
with the local banks in an effort 
to bolster confidence following 
the collapse of iw 0 hanks within 
the last year — the International 
Finance and Trust Corporation 
and the Savings and Investment 
Bank (SIB). 

The failure nf the two banks 
has cost depositors over £20m. 
It has badly shaken the 
Isle of Man Government, which 
has prided itself on its inde- 
pendence front the UK in finan- 
cial matters. The bank col- 
lapses have focused attention 
on serious flaws in local bank- 
ing supervision, and the col- 
lapse of the Government-led 
rescue attempt for SIB has high- 
lighted the fact that there is 
very little Manx authorities can 
dn when local banks run into 
trouble. 

The island, in common with 
many other offshore centres, 
has no lender of last resort 
facilities to bail out banks in 
difficulties. If there werp to be 
a run on some of the smaller 
banks on the island, which 
together probably control over 
£10flm. the Manx financial 
authorities could face very 
serious problems. 

Although the Isle of Man is 
midway between Northern 


Ireland and England It. is not. However, Mr Bill Dawson, the shore centre) hag been preking 
and never has been, part of the Government Treasurer who also up business at a faster rate than 
UK and the UK Government signs the bank notes, says that most Local bankers have been 
and the Bank .of England have bank deposits have trebled since touring the Middle and Far 
.no obligation to come to its mi<£-1979 and now stand at East drumming up business 
rescue. around £15bn. from professional advisers to 

The Isle of Man has com- Meanwhile, the earnings of the expatriate, community, 
plete autonomy in its financial the financial sector over the stressing the_ isle's political 
affairs, with ultimate authority past decade have grown eight stability and financial probity, 
for the Government’s revenue fold, while total national income Recent events nave thrown the 
and expenditure proposals rest- Js up less than two and a-haJf latter advantage into question, 
ing with the Tynwald — the local times. Banking and insurance ^ Qst *3iP®s business ritan- 

parliament. The island is finan- are the island's biggest business through places like the 

dally self-supporting and makes by •.a long shot, accounting for ■ j 5 are c ompletely 

a contribution to the UK for nearly a quarter of national above board, but such centres do 
defence and the provision of income. By contrast, tourism attract small nunoraiy who take 
common services such as repre- only accounts for 10 per cent, advantage °f hank secrecy 
sen ration abroad. The secrets of the island's 

Most people still think af the recent success are hand to 
Isle of Man (population 65,000) identify. It started in the off- e _> ± i , neighbours 
as a fading seaside resort which shore game much later than the *>“!“ 2' 

is the home of the TT motor Channel Isles and until 1979 „ff«hofe 

cycle races, Manx cats and Manx f tU J>cal usury laws which b£ several 

kippers. But in the. world of UMjfc.gou* of interest 

off-shore finance the island has . ™ Ltion the usury feHef Jast >^r when 

acquired a reputation as one of , lfie aoounon ot tne usury .. T — . _ ►. , th 

the few v laces left in the deve- laWs antl the reduction of local rj. , rngn tiourt ruled that 

me- tew places leu m Uie ae\e- brineine them into line *be Inland Revenue had no 

swsjw rs st-aeu 4 ( i«r >»■»« 

5* Sfe'of’jfta ftot£g S™*1 of Ihe smaller hanks 


advantage of HJcai nanx secrecy 
to conduct transactions which 
are frowned upon, to say the 
least, by the tax authorities of 



' The Tynwald, the Isle of Man's parliament (pictured centre) has ultimate authority for 

Government revenue and expenditure 

ing activities on a shoe String. “They have got to ask the right Such an appointment would 
In* this respect many local sore of questions.” not have been necessary if all 


Mr Judah Binstock. the fugitive Jr* ® Li ™ m clustered around Athol Street people believe the It is easy 10 blame the officials the banks on the island were 

financier, is no longer a regular * e .“W |1 2S., b S the heart of Che Maiix fiiSnS Manx Government has token a responsible, but h is dear Dm owned by major International 

visitor, but the island still sp £" a iL * dva ?; SLniumtT have Stift Sw very narrow and short-sighted the Manx Government has never banks because the Manx Govern- 


lages. Offshore banking is ^nromisin® their riew. felr it necessary io invest in merit could then have relied on 

members of the world's finan- ?en rS^vorth n^sait Xrs cm customers comjfet? ?ecrecj. “There has been a tendency skilled personnel with specialist the banks i hem selves, and their 
Cial comm Uni tv. c T*T The nervousness of some for the rsIe of Man, Arouse n hanking knowledge to monitor parent supervisory authorities, 

u Kniinocc SEE? ***•“ 7 ?? debtors m SIB that Sr started much later than the the island's 4S banks, many of tu ensure tilal there was no 

JEJ? LS i 4 S ' Uht be revealed Channel Isles in establishing which are hardly "household" hanky panky. 

booming although statistics duties; capital transfer, etc. na “. . “ *•"; 1 . , . r f v .* a itself ss a financial cenlre to names Bui the isle pl.-ivs host to 

demonstrating the island's sue- Nevertheless, the Isle of publicly by the bank s hquida- ifcences T LouW ^ho T 

cess are few and far between. Man, which must rank near the tors radicates that a few things °™ nl licences 10 P*? 1 * 1 * ™ As 


attracts a few of the shadier 


As recently as May the 


mainly because there are not bottom of the list of world tax «*- -r -*• ™ .r*r whir*" caiH nn » c«>inr ns finer 

enough people to collect them, havens (they prefer the term off- tJoSw of a local accounting company- 


go on in offshore centres, and would not have got them else- Government was advertising for 


BANK. DEPOSITS 


November 1978 

Isle of Map 
banks 
£m 

Index 

UK 

banks 

£m 

Index 

340 

- 100 

57.0 

100 

May 1979 

397 

116.8 

59.4 

104.2 

November 1979 

520 

152.9- 

64 JO 

1123 

May 1980 

*36 

187.1 

63.2 

110.9 

November 1980 

743 

216.5 

7S.9 

1333 

May 1981 

837 

246.2 

83-0 

145.6 

November 1981 

1,031 

303.2 

97.2 

T703 

May 1982 

1,125 

331.9 

974 

1713 


a part-time bank inspector who 
was going to be paid £27 per 
their tax authorities did. not Although the island passed half day session— less than the 
know about. The line between modern banking legislation four Government vet gets. 

If I had got up in the 
authorities have never made full Tynwald ami recommended we 
The boom in the Isle of Man's use of their considerable powers appoint a £25,000 a year bank 
offshore banking business has contained in ibe 1975 Banking inspector last February I would 
dune wonders for the local Act. ~ have been laughed oul of court,” 


legitimate tax avoidance and tax years before the UK, the local 
evasion is a narrow one. 


more than a dozen small banks 
which are nobody's responsi- 
bility apart from the Manx 
Government and it is a few of 
these banks, such as SIB, which 
arc now presenting it with 
serious problems. 

The Government drafted 
tougher banking guidelines last 
December and with Die help nf 
the Bank of England officials 


economy and enabled the auth- They receive regular statistics says Dr Mono. However, if is and Die local banking advisory 
orities to invest in expensive from the banks but it seems an indication of the gravity of committee is anxious to see rltat 

capital projects such as the new doubtful that these have been the crisis that just two months they are strictly adhered to. 

harbour breakwater . and the monitored as closely as they after the first advertisement However. Dr Mann believes 

JjJf £t2m Sulby Glen dam. However, should have been. The aulhori- the Manx authorities felt ir that the Manx Government 

T70.5 until very recently, the Manx ties also have power to ask for necessary’ to replace it with a needs to so further and estah- 

171 V Government had been working whatever information they second one for a full-time bank- lish a central bank: ”1 would 

* • ■ ■ “ * — ■- • adviser who would be paid like to see some surf of organi- 

sation set up so that we could 


_ under rhe assumption that it require. Bur as one banker ing 


Source: isio ot Men Treasury and Financial Statistics could manage its offshore bank- wryly commented last Week: £25,001) per auuum. 


have funds available to organise 
a rescue if anulher SIB situa- 
tion happened." 

He wuuld also like banks to 
suppurt a deposit protection 
scheme, something the British 
Government has already intro- 
duced, but is conscious that 
there is very little enthusiasm 
amongst the big banks for 
contributing To anr scheme 
which will bail out their rivals’ 
depositors. They prefer to rely 
on the law of the market pi3ce. 

The Government also has to 
tackle the existing banking 
structure which allows lie 
smallest bank on the island to 
do exactly the same as the 
branches of the UK clearing 
banks. A full hanking licence is 
a very' powerful tool and per- 
haps should not have been 
handed out as liberally as it has 
in rhe past. 

Several senior bankers argue 
that if the Isle of Man is i/> 
develop as a rew>ecied financial 
centre over the Ion® term, some 
of the smaller banks' licences 
should either be withdrawn or 
convened into a lower category, 
such as licensed deposit taker. 
They also feel fhar the authori- 
ties need to tishien up their 
regulations on the 60-odd insti- 
tutions covered by section 7 of 
the 1975 Banking Act. many of 
which do « limited form of 
banking business. 

" Goodness knows wh3l some 
of i hrm me duiny.” commented 
one senior merchant banker who 
believes that the island's future 
lies »n attracting tup-class inter- 
national banks. The Isle of Man 
has some physical advantages 
over Jersey which could appeal 
to bunks — for u start •: is five 
timed larger in land area and 
does not restrict immigration. 

Indeed, the banking crisis 
which has gripped ihe Isle of 
Man could work t«i iis long-term 
advantage by demonstrating the 
need tor a much-improved 
system of banking supervision 
and a more cautious bank 
licensing policy. 


I* 

we 


e 




In the footsteps 
of a great 
Arctic explorer 

Yesterday an unusual service 
took place on a barren promo- 
tnry overlooking an ice-packed 
field on the East coast of Green- 
land. 2bout 150 miles North of 
the Arctic Circle. Ten boys and 
girls from British schools atten- 
ded. with two English explorers 
well over the age of TO. and a 
few Greenlanders. They arrived 
in a small boat carrying an iron 
cross S feet tall, welded by boys 
at Eton College a few months 
ago. 

It was a service of thanks- 
giving for Gino Watkins, who 
drowned in the fiord exactly 50 
years ago; at the time, he was 
a well-known explorer who, as 
leader of the British Arctic Air 


Route Expedition in 1930-31. 
pioneered the first air-route for 
transatlantic flights across the 
Greenland icecap. He was a 
Royal Geographical Society Gold 
Medallist at the age of 24. and 
was io Greenland what Robert 
Scott was to the South Foie: 
the cross inscribed with his 
name, was erected to his 
memory. 

For the two oldest members 
of the party, it was a reminder 
of the days of their youth, be- 
cause Alfred Stephenson, and 
Air-Commodore Cozens, are two 
of the surviving members of 
Waikins’ 1031 expedition 

Cozens was the photographer 
and pilot, and Central Tele- 
vision. who filmed yesterday's 
sen-ice and will cover the expe- 
dition’s subsequent journeys on 
to the mainland icecap, will use 
his original film as a basis for 
a documentary to he shown in 
June next year. 

The current expedition is 
organised by rhe British 
Schools' Exploring Society, itself 
celebrating its 50th anniversary. 

: and led by Roger Chapman, a 
man widely experienced in lead- 
ign such ventures. The 75 boys 
and girls between 17 and 19J 
years old on the expedition 
have spent the last three weeks 
learning the techniques of 
arctic travel and survival, and 
can now climb vertical walls 


itjSdSh; 


»=- ■'TT. ij'T 
• 

•y. -■ * ; 

■’** 



Learning to Kayak near basecamp, about 120 miles south of the fibrd where Watkins lost his life Kayaking 

50 yean ago. 


of ice, ski across glaciers hau 
ing sledges and navigate kayaks 
through waters strewn with 
icebergs. They have built igloos 
and slept' in snowholes, and 
have learned to deal wtnh the 
unexpected. 

This included for two of them 
t'with one of the assistant 
leaders Drew Del any) a night 
on an iceberg in temperatures 
well below freezing, after their 
boat was caught and crushed 


between two giant icebergs. 
Fortunately the boat was made 
of rubber and — after 14 cqld 
and hungry hours — the bergs 
parted and it resumed its 
former shape. For Deluny It 
involved a quick and no doubt 
bracing dip in the icy waters 
of the fiord when his kayak 
paddle broke and for the expe- 
dition photographer, the unex- 
pected was appendicitis half 
way up a glacier. 


They ail lived to reJI the tale: 
Gino Waikins did not. but one 
of the few geographical 
features to which he gave a 
European name is Thank God 
Glacier. Being Watkins. I sus- 
pect he had a good reason; the 
risks inherent in arctic travel 
are the »anie 50 years later, and 
the members of the BSES will 
no doubt express their own 
gratitude as fervenily, if less 
topographically. 


Doubts about 
Sunday 
Test Matches 


raucb depends on the weather, 
the state of the match and the 
appeal of the two sides. The 
players naturally prefer a rest 
day, but with the present res 
wards this has to be considered 


and finally broom-bashed. 

The second succumbed to a 
similar fate a week later. It 
popped out of the hack of the 
fridge when the maid was dust- 
ing. She too used a broom that 


in the de-mouseing could lead 
to frustrations." The pro- 
gramme, they say. must be 
accompanied by what they call 
41 sensibilisation of the popula- 
tion io Die problem of 


la rgely "im matoriaU et/eii tito ugh by* then was becoming battered, deratificaitoti " In language 


The experiment of staging Test 
Matches on Sundays continued 
at Lords Iasi weekend without 
one pame having provided con- 
clusive evidence that Sunday 
Tests are, or are not, a 
monetary success. Although the 
attendance was considerably 
larger than on the Monday 
against India earlier this sum- 
mer. it was not as larce as for 
the Monday against Australia 
last summer. However, these 
figures do nm mean very much 
because ft can be argued that 
India lacked the box-office 
appeal of the Australians, 
whose same was aisn in a more 
interesting state. 

In theory'. Test cricket on 
Sundays looks a financial win- 
ner, as more of the public are 
able to be present than on any 
other day, while over the years 
there have been some very 
large crowds for the John 
Player Sunday League. 
Although the first premise is 


it does reduce the cricketers' 
accommodation expenses. What 
the cricket administrators are 
examining very closely is the 
extra cost of staging Sunday 
play as a result of having to 
pay attendants double time. 
Unless this is far less than the 
extra revenue produced on Sun- 
day as compared with an 
average Monday, they wifi 
clearly revert to the old system. 


Lisbon’s 

mouse 

problems 


Last winter I was adopted by a 
family of mice eager to confirm 
the statistic offered by Lisbon’s 
City Hall that rodents out- 
number human residents by 
four to one. 

They announced their pre- 
sence by ciiewiag open, then 


The third — and last adult 
mouse, raced out of my oven, 
where, we discovered — among 
the gas pipes — bits of chewed 
rag, plastic cushions and leaves. 
The trusty broom bashed again. 
That was that, one hoped. 

But no, the fourth, a wee 
baby, had burrowed into the 
roots of my prized rubber 
plant, and suffocated. It was 
discovered when an extremely 
nasty’ smell came from the 
hitherto-odourless plant 

That was the end of my per- 
sonal mouse invasion. But my 
landlady still rings up to ask 
if “ Mickey Mouse ” is back and 
when I say no, regales me with 
her own mouse saga: bund reds 
of them rushing in like lem- 
mings from her huge garden 
(she has many dogs whicb may 


that the average citizen speaks 
and understands, that means 
training people to close their 
dustbins properly, nut toss 
loose litter around the streets 
or the ir back yards, keep their 
drains clear and — how nice 
That would b»> — clean up the 
mess their dogs make on the 
pavements since the mess 


charged. Perkins, in a moment 
of -quick-thinking panic, un- 
buckled his cloak and hurled 
it over the horns of the charg- 1 
ing animal. Before the bull had 
time to disentangle itself. 
Perkins was back over the 
barrier with a safe margin of 
time on his side. 

Later a problem arose which 
Is not uncommon to individuals 
or business houses today. The 
Spanish grandee suddenly re- 
membered -that he had a cash 
problem. However, he did own 
vast tracts of land, and perhaps 
Perkins would instead accept 


stimulates the disease-carrying some land, covered in cork trees? 

Perkins, aware that he had no 
option, agreed and returned to 
England with a shipload of cork. 

As luck would have it, about 
this time, the mass-produced 
bottle was just beginning io take 
over from the hand-blown ver- 
sion — which was generally stop- 
pered by cotton wadding soaked 
in oil. The French had a par- 
ticular problem. Around the 
middle of the 18th century they 
had produced a new drink. 


properties of Lisbon rodents. 

Without which 
there would 
be no ‘pop’ 


J. Perkins, the London cork 

,„u,r ^ importers and semi-manufac- — f . v - — . , ■ „ c— 

be n « h5 ^» m ^ y turers, who have just made their champagne, in the wine-growing 

-no sane cat would venture first ' diwrsificarion into the areas north of Paris centred on 

£60ra a year, and growing , home the famous towns of Rheims 
brewing and wine making 


-no sane cat would venture 
into that den of fangs) to plunge 
to a sticky fate in honey or 

jam, or invade her food stores. . . __ . . _ „ 

“Had to throw away a whole industry, have sfnee 1S14 a 
brand new jar of jam" she ^endary company 
cried the other day: “two mice "hich few could match, 
drowned in it.” Great, great, great grand- 

From all this the reader mav father Perkins, who was known 

fniilcs wiU not be attracted by , *J ree . po “ na ^’ ^cem that Lisbon has a to like a drop, fought with 

•he more sedate charms of a of “>> collecuan c»f dr M . ser ious problem. Since City Ha!i Wellington in the Peninsular 

five-day international. ISf^SiJSSrtJSSlIIS. 5 IttriSn introduced plastic dustbins with campaigns and helped Push tbe 

Is there a case for starting 


i rJS i reSESthS delving Into a brand-new box 
ttrue, it must be realised that , imnorted muesli, purchased 

!E"K5 5 ‘2 P Zt£v*e nf .«<? 

three pounds, devouring most 


who enjoy 40-uver for 


Tests on Saturday, so that the 
first two days are played when 
most people can attend? It 
may sound attractive, but it. 
wuuld not appeal to the many 


my previously -spot less kitchen 
table, then rounding off theJr 
feast by eating through two 
dish cloths. All while I slept, 
in blissful ignorance of the 
new additions to my household. 

They proved to have stamina 


lids, as a hygienic measure, the French back across the Pyrenees 
mouse and rat population, prone where they belonged, 
to breed exuberantly as we all In celebration of this event. 


and Epernay. Champagne, with 
its high carbon dioxide content. 
history needed a lot of stopper to keep 
it in the bottle. 

So The Perkins family, with 
its newly won cork, and a study 
of the champagne houses, 
started to produce corks for 
both champagne and still wines. 

Perkins currently supplies 
roost of the British vineyards 
with their corks as well as a 


know, has become 


commercial sponsors who are so ^ strong as their appetites: 
vital to the same. They find poison did nothing to deter 
that the guests they entertain The first invader suc- 

are delighted to come on Thurs- numbed only to the broom, 
day, Friday and even Monday, after a long, noisy chase by the 
but are noticeably less keen on u^hing machine man. 
giving up. part of their week- jjg had been summoned to 
end to watch cricket. It is also repair the rubber edging on. the 
not unusual outside London to ^2001* of the machine. Checking 
have bigger gales on Thursday the machine, only idle for five 
and Fridav than on Ihe Satur- days, he discovered that the 
day. The BBC, who already n fce had nested in its bowels. 
Screen s limitwi amount of pr used it for a lavatory, or 


panicky about food supplies and 
begun a house-to-house assaulL 
But — we are told — ■ hope 
hovers on the horizon. The 
municipality of Lisbon has 
begun its all-out-no-holds 
barred de-mouseing programme 


■-« — , , . . _ . , . large proportion of lhe corks 

rather founder -of-the-company-Peria ns used by Bl . jtish bu j fc wine fm . 


sharei a few bottles with a 
grateful Spanish grandee one 
evening. As the wine flowed 
they both became more and 
more loquacious. A wager was 
made. Who could stay longest 
in the local bullring with an 


porters, whilst nearly 20 per 
cent of turnover is exported. 

The new venture, Waterloo 
Homebrew, is in Roupell Street. 
SE1, just a short distance front 
Waterloo Station and well 
situated to attract passing cwn- 


Sinee Tied Pipers are in scanty animal intent on mischief. The mufors with the temptations of 


supply nowadays, the City Hall stakes, both in money and 
technicians are. going in for potential risk, were high, 
something more practical. Start- At dawn, both gentieraen 
ing with the most dilapidated assembled at the bullring to 
areas of the city, where there satisfy honour. The Spaniard 
is more loose litter, from now pulled the straw to jump ia 
on, for months to come, they first. The bull, reputedly the 


making their own wine for less 
than 40p a bottle and beer for 
around lOp a pint. The outlet 
offers an extremely comprehen- 
sive range of kits and equip- 
ment plus expert advice. 


screen 2 limited amoum u*. or u idi «* «•*. .■ — — ^ •. - . • . ■ ^ - 

cricket on BBC 2 every Sunday, both. He then let out the closest will put down poisons where nasltest antroal thereabouts at c on ui5 u tors: 


presumably would prefer no thing to a cartoonist's “eek” feasible and drive out the 
Test, on that day- - I have ever heard a man make, rodents where possible. 

The TTFB have been expert- A mouse leapt from The By mid-1983 the municipality 
tnoitin- with Sundavs in Tests machine in a panic, ran up the hopes to have reduced the 
ST*! ' in past two vacuum cleaner tube, was mnuse-to-person ratio considcr- 
Sw - but their findings shaken out of there, hotly ably - although technicians 
5£™Lmsi Conclusive, as so pursued into the drawrns room warn that “to place alt hopes 


the time, despatched the 
Spaniard, with a gored shoulder, 
In less than 45 seconds. 

Perkins, now even more 
reluctant to follow his com- 
panion. stiffened his upper lip 
and climbed in. ThB bull 


Rupert Grey 
Trevor Bailey 
Diana Smith 
Ian Dunning 


TODAY: Deadline for comment 
on the American embargo od tin* 
sale uf “ooiL and iechmilDg> to 
the Siberia- Wear Europe gas 
pipeline. 

TOMORROW: Department for 
Marional Savings’ monthly pro- 
gress report for July. Inter- 
national Monetary Fund annual 
report. 

MONDAY: TUG annual report. 
Tl’C Finance and General Pur- 
puses Committee meets. 

TUESDAY: Department of 

Employment issues the provi- 
sional unemployment and un- 
filled. vacancies figures for 
August. UK trade figures for 


Economic Diarv 


July. U.S. Department of Com- 
merce makes final decision on 
anu-duniiJina eases brought 
against European producers by 
tlie U.S. steel industry. 

WEDNESDAY: Department of 
the Environment issues new rou- 
st ruction order figure* for June. 
TUG General Council meeting. 

THURSDAY: Department of 

Trade publishes statistics for 
overseas • travel and tourism in 
June. Energy trends given by 
the Department of Energy. 
Department of Employment 


issues the finai July unemploy- 
ment and unfilled vacancies 
figures; euiplovniem m tiie pro- 
duction industries in June; over- 
time and shorr-iime working in 
manufacturing industries in 
June aud stoppages of work due 
io 1ndu.1T rial dispuies in July. 
British Telecom results. TUC 
Health Services Committee 
meets to decide on next steps in 
the NI1S dispute over pay. Roy&J 
College uf Nuraing announces 
result ot b Allot on pa) offer. 

FRIDAY: New vehicle registra- 
tions fur July. Final July car 
and commercial vehicle produc- 
tion figures. 


BUILDING SOCIETY RATES 


Deposit Share 
rate accounts 


Suh’pa 

shares 


*Term shares 



% 

% 

% 

% 

Abbey National 

$.50 

$.75 

10.00 

2035 1-year high option. 10 75 6 years 
sixty plus. 9.25-10.75 1-5 years 
open boudshares 

Aid to Thrift 

9.55 

9. SO 

— 

— 

Alliance 

8.50 

S.75 

10.50 

10.25 4 year*. 1025 £5U0 min. 2 mth.’ 
not. ur £100 t 50 days’ int. pen. 

Angiia 

$30 

$.75 

20.00 

10.75 5 y., $ in. nut., $ v., 2 m. not 
10225. 1 mih.’s. nor. all int. loss 

Birmingham and Bridgwater 

8.50 

S.75 

10.25 

10.75 5 years, 9.85 2t years 

Bradford and Bingley 

8.25 

$.75 

10.00 

9.75 I months, notice 

Britannia 

S.50 

S.75 

10.00 

10.75 5 y. optiou bund. 10.00 2 m. not. 

Burnley 

8.50 

8.75 

10.00 

10.75 5 yrs.. 3 mill, not.; 9.75 1 in. not. 

Cardiff 

S.50 

49.25 

10. 25 

9.50 on bah: Di.UUO-lO.OOO, ? to £3,000 


Cardiff 

Catholic 

Chelsea 

Cheltenham and 
Cheltenham and 


Gloucester 

Gioucusier 


Citizens Regency 

City uf London (The) 

Coven ay Economic 

Derbyshire 

Ealing and Acton 

Gateway 

Galeway 

Guardian 

Halifax 

Heart of England 

Hearts uf Oak and Enfield 

Hemel Hempstead 

Hendon 

Lambeth 

Learning loo Spa 

Leeds and Holbeck 

Leeds Permanent 

Leicester 

London Grosvenor 

Midshires 

Morniogloo 

National .Counties 


Nationwide 


— 10.U0 — — £10.000 and uver 

10.00 9.00 10.00 9.25 on share balances of £5.001 + 

S'.oO $.75 10.00 10.00 i mtJ«. or uii demand tint, pen.) 

$.50 S.75 10.00 — 

9.75 — — Gold Account. Savings uf £1,000 

or mure IS.75 otherwise) 

8.50 9.00 10.25 10.75 5 >., 10.U5 :i to. nuL/lni. rot. l'ss 

S.75 9.10 10.25 10.25 C.C. sha . — l Wilis.' not.— no pen. 

$.50 S.75 10.25 10.50 4 yre., 10. 25 3 yrs., 10.00 3 mtijA 

$.50 8.75 10.00 9.25-9.85 «3 months' nonce) 

5.50 9 25 — 9.90 2 yrs.. £2,000 min. 

$.50 S.75 10.00 10.75 5 years 

— 9.75 — — Plus a/e £500 min. lnt. i -yearly; 

5.50 9.00 — 10.75 6 nub., 10.25 3 mill., i'1,000 min. 

8.50 $.75 20.00 20.25 5 yrs., $ mih.'s wdl. notice 

8.50 $.75 10.50 — 3 mills.' notice 9.75. 5 yrs. 10.75 

5.50 9.00 10.50 10.75 5 yrs.. 10.25 6 null., 10 OD 4 mth. 

8.50 8.75 10.25 11.25 5 years;, 10.50 3 monihs 

9.00 9.75 — 10.50 6 months. 10.25 3 months 

8.50 9.00 10.50 11.00 5 years, 10.75 6 months' notice 

8.80 8.85 11.93 10.35 1 year 

8.50 S.75 10.50 10.75 5 yrs., 9.75 1 mth. int. penalty; 

$.50 8.75 10.00 10.25 3 yrs., E.I. a/e £500 mio. 9.75 

$.50 $.75 10.00 20.75 5 yrs., 20.25 4 yrs., 9.75 3 mths. 

5.00 9.25 11.00 9.75 3 mths.' notice 1 mth. int. pen. 

5.50 S.75 10.00 10.25 1 year 

9.30 980 — — 

S.75 9.05 10.05 10.00 1 cal. month min. deposit £500, 

10.75 6 milts, nun. deposit £500 

8.50 8.75 10,00 10.25 3 yrs., £500 min. jimu. wdl. with 

penally. Bonus a/e 9.75 £500 
min. irnw. wdl. with penalty 


Newcastle — 

8.50 

8,75 

' 10.00 

10.75 4 > 9.75 28 days' notice, or on 

demand 28 days' int. penalty 

New Cross 

9.25 

9.50 


9.50-10.00 on share aics.. depending 
on min. balance over 6 monihs 

Northern Rock 

S.50 

S.75 

10.00 

10.75 5 yrs., 10.25 i yre., 9.75 3 yrs. 

Norwich 

S.50 

8.75 

10.25 

9.75 3 yrs., 9.50 2 vi-s. 

Paddington 

S.25 

9.25 

10.75 

10.25 Loss 1 month iut. on sums wdn. 

Peckham Mutual 

jS.25 

S.50 

— 

9.00 2 y„ 9.5 3 y„ 10.0 4 >\. S.75 BnS. 

Portsmouth 

S.S5 

9.05 

10.55 

11.10 (5 yrs.) id 10.50 (.6 mths.) 

Property Owners 

S.75 

935 

10.75 

10.75 4 yrs., 10.75 6 mth., 10.25 3 mth. 

Provincial 

S.50 

$.75 

10.00 

10.25 3 yre., 9.75 1 month 

Scarborough 

S.50 

S.75 

10.00 

11.00 3 months' notice jnt. pen. 

Skiplon 

S.50 . 

8.75 

10.00 

9.S5-1Q-00 2S days' interest penalty 

Sussex County 

8.75 

9.00 

11.25 

10.00 2 yrs. (early withdrawal option) 

Sussex Mutual 

8.75 

935 

10.75 

9,50-10,75 all with special options 

Town and Country. 

S.50 

S.75 

10.00 

10.50 3 y. f 60 d. wdl. noL, 10 1 m. not 
or itniu. wdl. 2S days’ int. Joss 

Wessex 

S.75 

9.S0 

— ■ 

— 

Woolwich 

S.50 

S.75 

10.00 

10.25 90 days tint. loSH't, 9.75 immed. 
access (int loss) or 2S dys.' mu. 

Yorkshire 

formerly Huddersfield & 
Bradford and West Yorkshire 

$50 

S.75 

10.00 

10.25 5 yrs., 10.25 4 yrs., 9.75 3 yrs.. 
935 2 yrs„ 10.00 Golden key 2$ 
days' penal ty interest 


•Rates normally variable in line with changes in ordinary share rates- 
t Rates apply from September 1 2982. 

All these rates are after basic rate lax liability has been settled on behalf of the- investor. 






r A W 
5 fifi pt 
i .Tunc 
siren 
econr 
: latest 
, ; Th 

1 it wc 

2 stren. 
while 

t fcure. 
r ■ Air 
i 

, mi 


mont 

jrtefiec 
freces: 
prote 
perfo 
outsit 
. Th< 
achie 
grour 
xeces. 
Snduc 
-fall in 

,'ernmt 

■.“jshal 
■price 
more 1 
'dlrecl 
itJS tf 
: LaS 

Whole 
foreii 
Bjut t 
vear t 
lflS2 
ably 
Hiiriis 
Is wo 
dbubl 
atiopl 
Sir Ai 
E5ann 
tfing« 
-:-Th( 
crisis 
sfente- 
f^reij 
ober 
(a) c 
tJon. 
curre 
expor 

•Jie re 
away 
Into t 
ciiltu 
and ( 
qtiet • 
Brad 
: T-hf 


Financial Times Saturday August 21 1982 . . 


U 


and Markets 


UK COMPANY NEWS 


W. Williams 
cuts midway 
deficit to 
£199,000 


A setback for Pifco as 
end-of-year figures slip 


Dividend 
raised as 
S. Banks 


BIDS AND DEALS 


DESPITE an increase of £56.000 value per share improved from trading margins have come 
nsr TIfE first half of 1982 to £487,000 in invTesLment 170p to 187p. under pressure. The com petition 


recedes 


Global board appeals 
for shareholder support 


■from £3.32m to £I.55ra. 


icudw mcwi uicuuin , luuiiuvri , _i_ ei 

stockist and engineer, still expect ft"* 1 * f L36m ’ 
&e group to be profitable, sub- * n ,J5L_ * 


compared burden its shareholders with ex- worth dose to half the com- ■ lurnover improved 

plana tions or indeed too many pany’s market capitalisation, to £73.04m 


With only three weeks to go 


At halfway, pre-tax profits figure^-At the pwiax level Pifco thoughts of a bid. however. "XtQtoKP**** ^ Srad bZiIbc to te Mdta 
declined from £692,000 to i s down 16 percent hut this soon evaporate for it would take J" «" chanaed at £690.000. j^ e y on Slmtor 13 Global 
?> SL2S 1, !!5? - 0f £625.000- Twnste n . shnrt fal l of 23 per cent the 'acquiescence of the large * ceo ° non Wo6 _*i 


is provided certain of its non- 


“ n ^Z The final dividend is at the trading stage including a Webber family nommgs ana ini "“^7 dTrecro’re «v the company e^iained itZ nnlirV^S' its 7u described its fight to rescue an- increase in u.s. reserves ai 

fn P SS unchanged at 3.52p net for a 26 point fall in the closing half, seems unlikely. So at I60p the . d slr< ;i 3 nosition to retain aS gas r«?rv«^n twVlettera Global from the collapse of IOS. an attractive pncfr^ jmpnwd 

SLS same-again total of 5.28p. sated Pifco does not go in for releas- shares are left stances ‘ 1,1 d „tat Aire, but in the ri l™ m lw0 letters If Global had been liquidated occjss^aAe pr^ocine arf 

borrovrmgs to an acceptable eaniil3 g S per share have faJJeJ i ing sales figures other than in glumly a few pence off the vear s ils tnarKCi s economic 10 Shareholders. . . ■ . T qo con ipanies iis profitable Texas apd Gulf Coast 


masks a shortfall of 23 per cent the acquiescence Of the large ' d wilb £893.000. outlined hs srrateev 

is at the trading stage including a Webber family holdings _aod that co^ dirp ,. rnrs say the company pvniaineH it* «n 


. - earnings per share have fallen ing sales figures other than in glumly a tew pence on me years, 

!£■ . .. from 25.4p to 22.7p. and net asset the full accounts but undoubtedly low offering a 4.8 per cent yield. 

Reorganisation of the group 

has been completed and the 

costs, which were mainly non- 

recurriog. were borne in the six- „ ___ ^ • • I 

3! r“-siL 3 s Redland s UK business picks up 

activities, excluding £66,000 paid _ , ... 

to former directors, amounted to MR C. R. CORNESS, chairman of and loss act-ount and balance was a net outflow of liquid funds 


current depressed economic 
situation, maintenance of accept- 
able margins will be difficult. 

The board will, therefore, con- 


T ' , with other TOS companies its prtmi 

it urged shareholders, who assets would have realised only ««« 


are scattered round the world a fraction of d resent market 

aD Th“Sd 'SierefoVrcon. and who hold - anonymous” ‘ A ^ boWera' a^o^l toeneWe it to 

linne to concentrate on control bearer shares to contact their- ^ G]obal board members. «■ JpjgK, SgJS 
of osis and further improve- Junker or broker if they wanted ^ Fnmk Beatty and Mr Walter SSSd 

men is to efficiency, as it is only l0 r t . a o s ^ 1 lh f|^ T “^- ^ nfr ' Saunders, secured the removal of gj/jffjg. 1 ^iaufitS 

bv this means that an adequate GlobaL. the last surviving off- controversial financier Mr RoberC a SSSlcan tSSeSiSt! 

level of profit can be mainlined, shoot of Mr Berme Cornfelds Vesco from the board, resisted JJJJlA 1 , _ a L^S? S u J Bc0ant t0 
it stales i™? 01 * 0verse *s Service aaempts to make Global part of asset value. 


Global istends to seek share- 
holders' approval to enable it- to 


£133,000. TTiis they say is an Redland, supplier of materials sheet consolidating the Rediaud before financing of £34.33m 
encouraging trend, considering .and services to the construction and Cawoods figures. Taxable (£2. 15m inflow). 


the interest cost accruing from industry, says in his annual profits are shown as K9.Mm Commenting on the merge 
bokling two group properties statement that there are signs of earned on sales of £937.S6m. fvitJz Cawoods Sir Comess say 

v i . A I I k — II TTl.' AtfmknlnhlA nmRlC O PQ Ol Van *1 C n _ j • _ 


Tax for the vear was slightly GOS) group. questioned the Fund of Funds liquidation. As part of the board’* attempts . 

lower at £263.000 against whether the dissident group obtained for Global good title to to create a better marker for Its 


Losses per 25p share before There have been volume gains io £27. 96m and earnings per share after years of developing the 
extraordinary debits are given as the housing sector and in private as lo.SSp. Redland .business internationally 


which are largely vacant " " a modest recovery in the UK. Attributable profits are given as some raayfind it surprising that £402.000 The dissidents are led by Mr entitled to them. registeredsharesand ftwas 

Losses per 25 p share before There have been volume gains in £27.96m and earnings per share af ler years of developing the Earnings per share were do wn Marvin Warner, a financier and Global also acquired computer exploring the pnssiniiny ot oitct 


io.6Sp. Redland business internationallv from 24.2p in 23.02p. Dividends sports promoter, and Mr Jack records of shareholders, the com- ing American Depositary Receipts 

As reported on June 25. Red- it should" embrace a major addi- absorb £209.000 t£190.000). Bertaglio, a Miami investor, puter programme and other and listing tne_snares on the 


5.86p fl6J4pl and the dividend commercial work, as well as As reported on June 25. Red- it should embrace a major addi- absorb 
Is again being missed — the last Increased expenditure on repairs J an d s taxabie profits for the year tj 0I1 t0 UK earnings. However leaving 


payment was made in respect of ^nd maintenance. ^ .... ........ 

1970 Ailhough this has been too to £43.51m on sales of £572.13ra 0 j dividend distribution in On a CCA basis, pre-tax profits 

There was no tax charge sflurl 3n experience to warrant (£51517m). while stated earnings ster ling and needs UK taxable were £566.000 against £454.000. 

f£47,000 credit) and extra- lhe assumption that Britain may P*r spare advanced from 15.B3p j QCOmes to offset ACT liability, with earnings per share up from 

ordinary debits were £893.000 be ,e ? din S lIie W0 J d of t0 / l6 ?- p ' . . - . .. “ Cawoods provides in its fuel 5 9Spro9.S4p. 

(nM) recession, he says, shareholders At the year-end shareholders rii , t ^huiion business die souchl 1 

h can at least take some satisfaL- funds came to £1 63.34m El. S ?S m J j 


to March slipped from £46.76m Redland has to service the whole I £500.000 f £945.000 1. 


retained profits of and co-ordinated by the New records and equipment needed xo American Stock Exchange. 


fnU) recession, he says, shareholders ai me year-eno snarenoiaers riUln i,, llio . businpVs the souchl 

In last full v«,r th* «»,«, can at least take some satisfaL-- funds came to £I63.34m ° hiii 

made taxable losses of £996 000 tion — foUowiag the group's (£l34.Sra) i-ompared with a con- fiscal and tax 

May ^idaled figure of 5 0S.14m. and tbT S^ttaS 


incomes to offset ACT liability, with earnings per share up from 
''Cawoods provides in its fuel 5.9Sp to 9.84p. 


£755,000) on turnover 
(£7 .68m). 


—over half of its profits are net capilal employed amounted , h* Lanriai KacJ 
Mtai v h. i r r„ coon . com Ki», v strengthening the financial base 


Cirrrprtt «,« MkHy to be earned at home and CO £286. 07m (£22 9. 04m) compared ™ 

that hs considerably strengthened with £333. 5m. SJSl 


increased the midway pre-tax S lie Ss S 
losses to £243.000 f£681.000>. “ 


Advance 
by Metal 
Bulletin 


tuniiy to expand 
especially in Lhe U.S. 


n oppor- Fixed assets were valued at "'eapallsfoii - f °he 

overseas, £152.66ra (£125.75m) against a i” ® ' expansion. 

Meeting. 1 London Wall. EC. 


Turnround to 
£79,089 for 
Olives Paper 


McGillivray plans 
Nu-Swift expansion 


BPCC forms 
graphic unit 


Mossprav. the company estab- 


vr-ftn British Printing and Communl- 

JL ll^fl I IX IV il ■ cation Corporation has farmed- h 
Mr graphics design nniL to be .based 

„ „ at its head office in Worship 

Mr McGillivray — he will stcwt London. EC. The unit. 


included in the group's annual and net current assets came to 
accounts for the year to March £73.39m (£62.92m) against 


27 1982, are a pro-forma profit £S4223m. During the year there 


September 16. 12.15 pm. 
See Lex 


UilVeS A EDcF ll£hed fonner Renrokil chief become chief executive of BPCC Cn)ll p Design Services. 

. r executive Mr Brian McGilUvray, Nu-Swift — and his associates prov (dp creative facilities 

A turnround from pre-tax yesterday published the dneu- say- they plan to restore profit f or rpcCs printing packaging, 
i sues of £68.618 io profits of menr detailing its offer for No- margins and raise productivity. labelling - and publishing 


£79.089 is reported for the six Swift, the Are extinguisher They intend to expand later customers at home and abroad, 
months to June 26 19S2 by Olives equipment group. into related service activities. Th e w yj adopt a new 

Paper Mill, after a boost in turn- Mosspray's bid. which expires anoroiLCh to bidnstrial and enri 

over for the period from £2. ham for the first time on September 


Hanson seeks to increase 

by Hetal Bulletin for the six 

a fEJafiffSaiSS - Ms borrowing powers 

The di reofors of this USM com- 
pany state that the results are HANSON TRUST, the acquisitive company •* to take advantage of 
not strictly comparable due o industrial services and food pro- opportunities as they arise." 
the timing of income from con- duets group, is planning to Hanson proposes special con- 
gresses within the financial year, increase its borrowing powers ditions under which borrowing 
In the absence of a change in from twice to three times the powers could go as high as four 


Braime edges 
ahead at 
halfway stage 


to £3.Sm. 


10. values Nu-Swift at £7.4 jzl 


Despite the improvement, the Mr McGillivray already owns 
directors say that in the prevail- just under 10 per cent of N'n- 


BOWTHORPE OFFER 
FOR W. MCGEOCH 


directors say tnai in me pro-dip just unoer iu per cent or cm- Bowthorne Holdlnes the nology 

ing economic conditions it would Swift while associates, including Crawlcv . b ^ d electronic and '• 

he imprudent to make a firm the merchant bank. J. Heniy JjgJgy XwnXSmTOD bis Xins 

forecast for the year, and it has Schroder Wagg. take Mosspray's SS^ 3«S *3S to niS^ 

reluctantly deferred considera- holding to 14.75 per cent. acquire JUBlam McGeoch and DfV] 


approach to industrial and con- 
sumer design by basing its 
techniques on new prmtang and 
electronic communications tech- 


liic iidirjcai iv u uuc uv . „ g rfr» ioi 

Turnover uf tliis Leeds holding fr ^ pre-tax profits of -60.131^ ^ 
company which specialises in .Tax for Xh e_ half-> ear _ took 


sh SLiU-^ h: * wh ., K . nu _^ rt 1982 were £860^67. Irrevocable sion of Moss Engineering sub- 
,!! ! M4?^ y «r S iT^r2^ h S’!iioht ie a undertakings to accept the offer sidiary. Welded Presswork. in 


MOSS ENGINEERING 
DIVISION SOLD 
Mr Alaslair Jones and Mr 
Austin Knight, partners in Peat. 
Marwick. Mitchell and Co^' yes- 
terday sold the presswork divi- 


full year's profit. 


, £ 342,8m to £514.2m. if share- The .pre-act uisition borrowings profits of £127.8-8. Siitirf *nH «immi«*nnfnif fa nm- *740 000 of workinc canital for -h-**- inrenuon to conunue tne nusi- 

The mtenm dividend has been hnld^r«s nnnrnve Hip simp will not be included in the cam- Investment income at six pleted and commissioning is pro- ./eu.uuu ot working capital rar me nt. nes ^ therefnre eneaeinv the 

t r, X- — noiqers approve, ai uie same wm nw ws ipnuoea in tire «nn- ,u„ cs* nnn reprtin-r rriiii.il results are the new comoanv. l,ei r- tnerraore engagniR tne 


lifted from 2p To 2 2 p7 Earnings SSVr SSs months rose from £44.000 to ceeding. . ImUal' results are the new company. 

r. er i,r° - * Th, ~ SaSriSiiKS’s ^ r, Es-«„p, 

In the last full year a total of {jj* 1 1 ** ■ ' Sj! tfmes tl^corapSi tissued aad stated earning s per 25p the full benefit of recent invest- exis ling Mosspray 

5.5p was paid from pre-tax pro- P rjSnn£. *2 share^ croilS ^ Sd P cSJsolidSted share “npro ved from I.57p to ment until there is a sustained of 250,000 20p st 

fits of £915,000 on turnover of w ‘^ . 0,e ' a t te S„S m , pi h !!SL A h * r«e™ P “ * consolidated 1>g3p> improvement in demand result- as 5p per share for £12.500, the Bowthorpe directors. 

£4.04m. The directors said that rSp ^J^fomDanv also nroDoses to 0n a CCA basiff * P***** P rofits in G from 311 u P lurn m *** pa f ln * Up lhe 

a rise of 17 per cent in taxable JJ*"®. 0 ?..*® f J? a t £ J h f ® Mdeem T5?M DM 7^Tef»m were £20 ' 000 1^6,000). economy, they say. balance on thesi 

profits was mainly because acquisition m the near future. subscribing in casl 

several • projects were success- Last month, the company made “preference shares on hepiern — new Mosspray s] 


paper machine has been com- sortium member* will put up electronic and ultrasonic equip- Intenuon to conUnue the busi! 

pleted and commissioning is pro- £740,000 of working capital for menl . m renu o n ^ to co n u n u e tne nusi 

ceeding. IdiUal' results are the new company. _ The acquisition of McGeoch JJSrlty of the •S3SS“w ori. 

eneournsino. This will be done by nurchas- , un „iw h.i n “J^onty ot uie exisang. work- 


This will be done by purchas. wou]d heJp Bowthorpe’s policy 01 

mg from U.TJV.. Freight the of extending its activities in the 
e ? is ««^ < ln 0 l!. pra> .. lssue “ c .* pitaI growing connector and electronic . vn PROBE 
of -50.000 20p shares psud up instrumentation businesses, said 


On a CCA basis, pre-tax profits ing from an upturn in the | paying up the uncalled 15p 
;re £20,000 (£36,000). economy, they say. balance on these shares and 


The proposed acquisition by 


several projects were success- - - 

fully completed during the final an agreed offer for United Gas Jer 3 °. 198. .. at par plus an 
quarter. Industries which valued the com- accrued dividend of 1-3U5P » 

For the period under review pany at £19.6m. Last year, it JJ* *{*■ ™* * re 

profits after tax rose from bought Berec. now British Ever "g*™?, 1 * between 1985 and 
£151.700 to £184.800. Last time Ready, for £95m, and the U.S. 1990 at ll “i- 
there were an extraordinary footwear and tools group. Shareholders have also been 
debit of £35,000 and minorities of McDonough, for $lS5m (£74m). asked to approve an introduction 


British Vending advances 
into profit at six months 


paying up the uncalled 15 p william McGeotfi also meets Plotter Concrete (Holdings) of 

balance on these shares and the Bowthorpe group's stated Mixconcrete Bolding will not be 

subscribing in cash for 2,187,500 objective of expanding by the referred to the .Monopolies and 

new Mosspray shares at 32p acquisition of companies allied Mergers Commission, says the 

each. to its field of operations. Trade Secretary. 


Fleming 
Japanese 
pays same 


compiSy IZK'iVM A TURNROUNTD ,, om jtm- „- d 

dni« tk- In .rt»nHi nan oon.r.) losses of £469,000 to profits of Uve clothing. The board says 


states that the increase in extraordinary general meeting 
borrowing powers will help the will be held oo September 13. 


losses of £469,000 to profits of tive clothing. The board says 
£152.000 is reported by British that trading conditions in the 


Vending Industries for the Six group’s principal market, the 
months to June 30 1982, on sales industrial sector, are still 


Diamond Stylus 
falls in the 
red at year-end 


DIVIDENDS ANNOUNCED 


up slightly from £9.75m to difficult 
£9 .83m. Howev 


pays same Better second half but I The board is recommending 

net interim dividend of 0.35 

Available revenue of the per iq p s t, are — | 8SC year saw n 

Fleming Japanese Investment TV, | 1/VDI7/M* AV^rO 1 1 dividend payout, with Josses fc 

Trust moved ahead slightly from fl C&S X UOIS 11/ TT Cl U V Viail the 12 months totalling £456.0<X 
£1.05m to £1.12m for the >ear Earnings per share are stated s 

dividend Y unchanged at* 6.95p ALTHOUGH secondhalf pretax precise responsibilities have been payments for the si 

net per 25p share with a sam^ profits rose by £23.000 to £91 000, more clearly deWd. months ?ame to £’4,00 

again final of 4.7p. Pros Tools reports a drop from _ They say it is apparent that .. ™ 


net interim dividend of 0.35p improvement and progress has 31 1982. Turnover’^ Uiis manu- 


the 12 months totalling £456,000. cosls . of . th ® S TOU P l- ? nUn ^ e to be was down from £2.19m to £2.04m. 


hecomiag evident in the trading I for the second successive year. 



. Dale 

Corre- 

Total 

Total 

Current 

of spending 

for 

last 

payment 

payment 

- div. 

year 

year 

45 

— 

425 

6l75 

6.25 

-int. 1.5 

— 

1.5 



3.5 

1 

— 

3 

1 

1 

.int. 0.35 

Oct 15 

Nil 

— 

Nil 

.int. 2.5 

. Oct 1 

1-88* 

__ 

48S* 

int. 1 

Oct 1 

1 

__ 

3.5 

3.52 

Oct 13 

3.52 

5.2S 

5.28 

1.2 

— 

L2 

o 

2 

int. 1.19 

Sept 29 

1.19 

— 

4.2 


the six resuIts - the company says. Tax ft, r th e year was higher’ at Di,ride “^. sh own pence per share Del except where otherwise stated. 

£24,000 Pre-tax profits on a current £6,000 against £4,000. On a CCA : (?J. w scrip , lssue ‘ «P iral 

£70.000 cost basis come through at basis. ODeratina losses were increased b> rights and/or acquisition issues. , LSM Stock. 


lain nnai at -i./p. yii ? ivmi to nfil OOO in the fieure in the current vear lower interest (£134.000). and tax takes £70.000 cost basis come through at basis, operating losses were 

Also announced * an mterim OlBjHM l to EM <niD- Profits on the sale, of £S2,000. £90,000 (£33,000 profits). 


dividend, for the current year, far the fuU year to April 30 1982. rates will reduce the company's j{ DR machine operating 

of 2J5p net (same). Turnover of this West Midlands valuable supplementary income. *£" : L s m 

Gross income of the company, company improved slighUy from The board is hopeful that this in the corresponding 

formerly Capital and National £2.21 m to £2.24ra. consideration will also stimulate JJL JJJ. wSTSuniS 

Trust, amounted to £i.84m ..com- The final dividend is un- trade during the year, thereby las J ^ J ’closure and 

pared with £I.73ra. There were changed at_1.2p for a same-again enabling the company to reverse * 

management expenses of £110.520 total of 2p net. , the trqnd of diminishing returos. The comnanies main activiUes 

(£97,063). interest £22.500 t same) Press tools, jigs and figures • The directors consider that the * C0 ”JP f f 

and tax of £584,650 (£558.218). incurred losses of £3,000, against market value of the groups ^dere^ ven^ne Sedienis 
Earnings per share are shown profits of £42.000. Automatic properties and plant will exceed knd the marketing of medical 

as 7.39p (6.95p) and net assets turned parts produced profits of the book value. They are un- ana in ^ g a 

totalled £35.47m (£3S.25m) or £63,000 against £71,000, and able, however, to quantify this 

230.95p (249.2p) per share at the interest and other income excess. /^oclxiall 

year end. amounted to £101,000 (£103.000). The year-end tax charge was \JTa3J&C.U 


Results due next week 


Blue Circle has not been the With almost uncanny unanl- on Tuesday for the six months Wednesday for the three months 


A & J Gelfer 
over £900,000 
at year-enid 


In order to meet current cir- up from £55,000 to £72,000. There 
cumstances and with an eye to was an extraordinary credit this 


lhe future, the directors say time of £6,000. Stated earnings 
certain management changes per lOp share dropped from 


Broadloom 


have been given effect and 7.99p to 4.45p. 


>3,000 against £71,000, and able, however, to quantify this its market capitalisation this market with its figures for the of the company’s two big pur- year. The seasonality of the 

iterest and other income excess. month looks at factors whose year to April, on Wednesday, chases this summer. The com- figures is strengthening how- 

amounted to £101,000 (£103.000). The year-end tax charge was VjTadJkvIl effects will overwhelmingly be This com paries with £5 1.4m last pany has made noises about back- ever, due to JM’s increased 

In order to meet current cir- up from £55,000 to £72,000. There seen in second half figures, time round, and indicates that dating the contributions of the exposure to consumer demand 

i instances and with an eye to was an extraordinary credit this RrOflfllOOTVl When Blue Circle announces its at the pre-tax level second half Beatrice Field buy. but it is The market expects some nick-un 

ib future, the directors say time of £6,000. Stated earnings interim figures to June on Wed- profits have been flat. The unclear what will be done at the in the second half, but in (he 

■rtain management changes per lOp share dropped from A SHARP fall from pre-tax nesday, analysts expect to see furniture and carpets operations interim stage. Assuming none short-term. increased finance 

ive been given effect and 7.99p to 4.45p. profits of £98,000 to losses of abou t £40m-£45m pre-tax against are not thought to have made of Beatrice is consolidated for charges and depreciation as a 

~ £51,000 is reported by Gaskell the comparable figure of £51m. any money, after contributing the six. months, analysts are resuh of an ambirious capital 

1 7 Broadloom for the six months to Not so long ago the market was £4.4m last time, though it is expecting pi^e-tax profits of spending programme should 

• -j p j -j June 30 1982, on group turnover looking for about £I07m pre-tax now said that those areas can between £55m and £60m, against hamper earnings growth rhi ; 

K-cXi Y*TX7T /■* 1^ POGfC cut from £ 6-43m to £5.55ra. for the year, but traumatic only improve, particularly in the £55m last year. Ninian prodne- year and maybe the first-half uf 

■ Tr Ivl* "a XViJkiJ'V'kj However, the board is eecom- financial conditions in last year's light of the Ukay closures. uoa was slightly -«up and prices next. But the Johnson Maflhpy 

mending a same-again net outstanding performer, Mexico, Nevertheless, the trading pat- *? r crude in the period were not bulls, whose numbers appear Jn 

Berwick Timpo, the troubled conditions, and the board expect interim dividend of lp per 20p and the devaluations both there tern looks even less inspiring significantly weaker. As none of be growing, think the group's 

y manufacturing group, moved the result far the. year will show share and in ChiJe. have sent pre- if one considers that there has I* 1 ® acquisitions affected the strategy will pay longer- 

isterday to quell further specu- a loss. The interim announce- Last year a final of 2.5p was dictions of 'the full year out- probably been a turnround of balance sheet in tqe six months, term because of smart expansion 

.! iu„ r-.n : — roont siX fha wioiilr Fno th a half fllcn nairf fmm nrM’n nmfitc fnr tmm j- n Km.» Cm - r the net inTPrPSt chmvlrl inin UinVi t.-.r.K nn > n rt.. i. 


Berwick forecasts losses 


Pre-tax profits at A. and J. jiernicjk lurecraia 
Gelfer, manufacturer of mens mend 

(So d to h £906 000 in°the f year Berwick Timpo, the troubled conditions, and the board expect interi 

to March 31 1982. Turnover rose fay manufacruring group, moved the result far the year will show share 


from £5.04m to £5.23m. At half- yesterday to quell further specu- a loss. The interim annpunce- 


profits ''were L down iation surrounding the fall in ment of the result for the half also paid, from pre-tax profits for turn tumbling down towards — about 6m into a position of net net intent charge should into high-technology growth 
from £379 863 to £361698 the group's shares. year is at the end of September the 12 months of £325,000. The and below — £90m. Last year's interest receivable. That is . somewhat higher. A Class I businesses, such as electronics. 

XTUIJ1 WlOiOW tv x.oua,v%-. or 'll „L a ... . -.,h A* 11 hnnrH i.rimc th«f iivct. c . .« _ . . . Similar in QantaroKnr l. i 


The final dividend is increased Du ring yesterday's trading on 


from 2^p to 2.4p net. making the I tj, e s tock market, the group's 


total 4.1p against 3.9p. 

Tax for the year was higher 
at £407,000 compared with 


share price fell 3p to 14p. 

In a statement issued during 


and will show a substantial loss." board warns that some adjust- figure of £104m was struck after thanks to unspent proceeds of circ “ lar in September should chemicals and jewellery 
The group added that moot to the final may be neces- unrepeatable* and exceptional May 1981 's rights issue, which Oi^ more details on the production. 

" severe action has been taken 9 UTeat y ear „ “. the charges of £13m. Ironically the will no doubt come in handy . Un &l then, most Other interim results due next 

to further reduce overhead costs improvement does home market has shown an im- this year and next as Asda ana ]? s!s « r ?. n,a,n hesitant about week include those of Refuse 

and strengthen management The not t3Ke place. provement though the decision embark on a rapid programme maki °S full-year forecasts. Assurance on Thursday and on 


£375.000. Stated earnings per 20p the afteroon, Berwick Tempo product range for the 1983 Gaskell. which manufactures not to go for a January 1 1983 of store openings. An overall Johnson Hxtthey made bearish Wednesday those of Pearl \«nr- 

. f . n IO- " rt— nni J I.L.» •» nlMnXw hnn. Cfinonn- iff nnil tins nnJ j: a S ^ . a CflimHC 9 1 l'fP ATV mi.A.ll.. - xH. .an.. ■ - “ 


share were up from 7.4Sp to 7.9p. said that “ it has already been season is complete and the and distributes carpet underlays price increase came as a dis- dividend increase of about 6 per sounds at its AGM recently, ao anre. Slough Estate* and London 
On a CCA basis, pretax profits stated that the company is board is confident that it will be and flooreoverings. saw excep- aD nmnt m «»nt Tho hi,,! cent is on the cards. analysts have been marking Brick. On Monday Blacden 

met nnn /rcAQivim experiencing difficult trading well received by the trade." tional debits of £150,000 (nil), ^ ine inierLm «» WI * dnwnfnwraeufnrti.i t v«r — =■> -■ •- 


were £765,000 (£649,000). 


dead is seen as solid as concrete. 


XASMO-, i-ter,* ^ reWn:,1S i,! 


Branon profits at £85,000 I Midway losses for drg (S.a.) 

Ji- * I nivff /P a \ 4L' aL a / • — — ' ix_ i i .re._j._j 


In .the first full year as a 
public company — to Marab 31 
1982— Branon produced taxable 
profits of £85,000, compared with 
£64,000 for the previous 28 week 
period starting on September 15 
29S0. Turnover came to £9.92m 
against £5.06m. 

W*irh earnings per £1 share of 
this oilfield and engineering ser- 
vices group given as 2.3p (l.7p) 
the year's dividend is being 
maintained at 3p net, which 
absorbs £31,000. 

Sir Monty Finnislon. chairman, 
says lhe current year has started 
well wi th all the group com- 
panies expected to he in profit 
for the year as a whole, not- 
withstanding the continuing 


adverse business rfimate. 

During the year under review 
Arbarthorpe maintained its un- 
broken record of growth for the 
sixth successive year with turn- 
over increasing by 32 per cent. 
Arrow increased its turnover by 
26 per cent and maintained pre- 
vious profitability during difficult 
trading conditions. 

Profits were struck after 
interest charges of £227.000 
(£26.000) and tax took £13.000 
(same). Extraordinary debits 
came, to £21,000 (nil) leaving 
attributable profits of £51.000 
(same). 

On a current cost basis the 
pre-tax figure emperged as a loss 
of £81,000. 


DBG (S.A.), the South African 
subsidiary of DRG, reports a 
sharp fail from pre-tax profits of 
R2.3Lm (£1.17m; to losses of 
Rl.OSm for the six months to 
June 30 1982. Turnover was 
ahead from R 52.75m to R58-29m. 

No dividend is being paid, com- 
pared with last year's net interim 
dividend of 9.1 cents and a total 
payout for 1981 of 23.3 cents 
from pre-tax profits of R5.36m. 
Losses per share midway are 
stated at 20.4 cents (earnings 9.1 
cents). 

Tax took R7S6.000 (R6S5.000). 
and with minority interests of 
RS76.000 (R542,000), attributable 
losses are put at R2.44m learn- 
ings Rl.09m). 

The company says that the 


results have been affected by a 
marked deterioration in the 
economic climate, and although 
DRG Stationery is on a sound 
recovery course, the results have 
yet to show through. The intro- 
duction of new machinery at 
DRG Flexible' packaging gave 
rise to exceptional initial costs, 

During the period, additional 
cash was required for capital 
expenditure, and the sharply 
inflated interest rates contributed 
to the loss. 

Demand is patchy,' DRG says, 
and although it expects to 
achieve profitability in the 
second half, earnings for the full 
year in worsening economic cir- 
cumstances will fall short of 
1981. 



Announce- 

Dividend (p)* 

■ Company 

mem 

Last year 

This y 


due 

int. 


int 

FINAL DIVIDENDS 

Apex Proport iB3 

Tuesday 

0.7 

1.3 

0.7 

Assocniad Dairiss Group ... 

Wednesday 

1.3125 

IS 

1.35 

Cook (Wm.) & Sons Sheffield - 

Thursday 

0.3 

0.2 

0.3 

Globe & Phoenix Gold Mining 

Thursday 

— 

1.25 



Graaham Investment Trust 

Thursday 

0.95 

2.% 

10 

McKay Securities 

Tuesday 

1.35 

1.35 

1.35 

Mounilaigh Group 

Monday 

1.0 

2.5 

1.0 

Raybeck 

Friday 

1.131 

1.131 

1.131 

Somportex Holdings 

Thursday 

«- 

2.5 


Ward & Goldsione 

Friday 

09 

4.5 

1.0 

Wan'ng & Gillow (Hldgs.) 

Friday 

1.5 

4.0 

1.5 

Worthington (A. J.) Hldgs. 

Monday 

0.41 

0.43 

0.38 

INTERIM DIVIDBUDS 

AI Industrial Product^ 

Tuesday 

u. 

001 


American Trust 

Tuesday 

0.7 

1.55 


BBA Group 

Thurso'ay 

0.84 

09 


Bonford Concroto Machinery 

Friday 

0875 

2.15 


Blagdan Industries 

Monday 

3.0 

3.0 


Blue Cirtla Industries. 

Wednesday 

5.75 

11 75 


Chanernouea Petroleum 

Tuesday 

0.3 

0.5 


De Beers Consolidated Mines 

Tuesday 

0. 25j| ‘ 

0.25B 


Feircfough Coneuuction Group 

Tuesday 

3.0 


Good Rale lions 

Tuesday 




Haywood Williams Group 

Thursday 



l.i 


Hill & Smith Holdings 

Thursday 

0.90309 Z 27273 



Company 


, — * 'uosuay u O.JJT 

Lnc Rrfnguration Friday 2.75 5.3 

London Brick Wedrsnday i!t 342 3 :=fta 

London & Scottish Marino 0.1 Tuasdav a.O '6.0 

Peart Assurance Wednesday 8.5 *i.5 

Queens Moat Houses Wednesday O.ES 0.33 

Refuqn Assurance Thors day «.5 ’On 

Rmorif V/odnesdey 1.1 1.25 

seonish Agnculutral Industries Thursday 5 75 9 0 

Scottish Nortnern Invsstmsnj Trust ... Friday ; 2 3 » 

Sharp (V/ N ) Holdings .Vendsy 3 5 4 5 

Slough £sra:es Wtd-.esday VO 105 

Horn Wednesday 0 75 1 0523 

Stanley (A. G )’ Hold.nps Wednesday 1 o 1 > 

V/anon P, nance Corpn Friday 0 62S 1 6573 

Yorkshire Chemicals Friday _ 0 3* 

INTERIM FIGURES 

Beirstcw &w«s Tuesday 

Johnson Niamey Wednesday* 

Martin Black Frday * 

Neod'ors Thursday 

New Darien Oil Trust T^day 

fnvastmam Toir: Thursday^ 

‘□ividands are shown net pence oer sh*ra md am i.. 

venuifl scrip issue, t In HM. t First quarter figures. 1 TSrdVa- 
:! South African Rands, 9 “ aul> 


frt* 

Tr>‘? ye; 

‘rt*. 


-ter 

6- • .. ... 





I 


fill- 


« -p » t T frnm FI 01m to £972,000 THE OIL and gas group Global York Securities house, Bear continue share distributtiw and 
in nrp lav orofits is rPDorted by Natural Resources, which is the Stearns. avoid applications 10 Windup the 

in Dre-ldA . - - J- . r Woman. the hMnf «I1B. 


W, Williams and Sons (Holdings) income, pre-tax profits at Pifco Tax for the year was £222,000 amongst producers of relatively . f , L t from £1 01m to £972,000 THE OIL and gas group Global York Securities house. Bear continue share 

cm its pre-tax losses from Holdings dropped from £2.2m to lower at £711,000. j 0 w priced electrical goods must ] * lax profits is reported by Natural Resources, which is the Stearns. avow applications to wioaup tte 

£599,000 to £199,000, oo turnover £l£4m in the year to April 30 , be fierce. Of course Pifco’s pre- S1 .,‘ . r Banks, crain merchant, subject of a fierce proxy battle Proposals from the Warner- company, the hoard SSJO. .. ^ 

down by more than 50 per cent 1982. • comment tax line is underwritten to a cer- \ lh ‘ v ' a r tn April 30 19S2.The bj- dissident investors yesterday Bertagllo group to encourage * Global aetenoee in 

Trading profits of this T his mav be the first profits tain extent by investment income , /; v jHend is raised from appealed to shareholders to third party tender offer for acqnwia«i of Mtfarane mi off 

tvm, of mww I Manchester - based eieetrical downturn for more than a on its cash holdings— £3.7m on J. 0 " 1 t 67 5p with a final support the current manage- Global shares at a subsiantiai. Texas which had been ujsurasa- 

feSL SS dLciter found^ ap ^ I!aaces xnanirfucturer were SS fait Pifco « not one to the last count 15 months ago and %£! 4.25 P to 4.5p. mem. premium to the market price, fiiUy chaUenged by the dis^ 

ICTTOU5 rueiai uiecasier, lOUliacr, [ !#«■.•« -a* Cl 1Am Mvmnnffd a*. unrlh #■ nc.p Til half thp nnm- _ ;aA ■frnm - M 4 m call rVta minnsfiU < dttlts. 


or to sell the company’s assets de £i s - ..... ‘ . j.. 

in the currently depressed Tbu acquisition will -achieve 




holders' of value, Globa! argued: Global ' argued, including^ an 
The company's board also expajisioo of-_actiyity m the.C.S. 


rescue an- Increase in U.S. reserves at 


Commenting on the merger £273.000. Last time there was a a meaningful alternative assets and distributed Global shares Global said if had taken i 

iSi cSwoods Mr Corrje&s says release of deferred m totalling to the present board. shares to those who were steps to the U.S.- to offer 






Financial Tiroes Saturday August 21 19S2 




OF 

rHE WEEK’S 


OMPANY NEWS 


fake-over bids and deals 


Company 
bid for 


Value of Price Value 

bid per Market before of bid 
share** price** bid £m’s** Bidder 


PriC*» in panes unless otherwise Indicated- 


Ama! Thi Nigeria 

12*J 

13 

8 

0.07 

Bwe 

Brady tads 

128* 

128 

61 

0.77 

Tarmac 

Brady tads “A” 

93* 

90 

43 

2.83 

Tarmac 

Braid Group 

58* 

57 

42 

2.74 

Lookers 

Brit Northrop 

18* 

17 

12 

0.31 

Padworth Invs 

Era Inds 

44 

33 

44 

238 

Angle- Indonesian 

Federated Land 

175* 

172 

142 

19.03 

BSC Pnsn Funds 

General & Comm 

28 sm 

260 

235 

15.32 

Britannia Arrow 

Gordon (Luis) 

22*5 

21ft 

20tt 

0.37 

Pedro Domecq 

Grant Bros*!*? 

1 ao- 

186 

21S 

2.28 

Jariepoint 

Mixconcrete 

laS* 

164 

115 

14.41 

Pioneer Concrete 

Nu-Swift lnds 

37 

40* 

35 

7.4 

Mosspray 

St George's Group 

14655 

146 

139tt 

7.21 * 

Spring Grove 

United Gas lnds 

135* 

130 

100 

15.37 

Hanson Trust 


* Ail cash offer, f Cash alternative. 1 Partial bid. § For capital 
not already held. •• Based on 20/3/1982. ft At. suspension. 
it Estimated. §S Shares and cash. fll Unconditional. 


PRELIMINARY RESULTS 


Company 


Year 

to 


Pre-tax profit 
(£ 000 ) 


Earnings* Dividends* 
per share (p) 


AGB Research 

Apr 

5.010 

(3.860) 

9.9 

(9.6) 

6.0 

(5.5) 

Allen fW. G) 

Mar 

597L 

(148) 

— 

(7.5) 

— 

(3.11) 

Brardmao (K.O) 

Mar 

4 

(517) 

— 

(4.0) 

— 

(0.25) 

Hale Electric 

May 

1,100 

(458) 

8.S 

(8.1) 

30 

(3.5) 

Hollands Photo 

Jan' 

. 165L 

(20) 

— 

(1.4) 

— 

(2.1) 

Dura Mill 

Mar 

3.559 

(3,816) 

7.0 

(5.2) 

0.6 

(0.6) 

English Assoc 

June 

1.940 

(1.050) 

9.4 

' (4.2) 

3.0 

(3.0) 

Howard Shotting 

Apr 

360 

(621) 

4.3 

(15.1) 

1.4 

(1.33) 

res 

Mar 

1S9L 

(1,668) 

— 

• (— ) 

— - 

(— ) 

Kennedy Smale 

Mar 

1.078 

(941) 

17.0 

(20.4) 

5.5 

(4.38) 

Meat Trade Spire 

Apr 

297 

(459) 

7.4 

(17.5) 

6.75 

(7.88) 

Milford Docks 

Dec 

277L 

(145)1, 

■ — - 

(—1 

05 

(0.5) 

Newmark (Louis) 

Apr 

2,230 

(1,810) 

28.0 

(38.0) 

11.5 

(11.0) 

Reardon Smith 

Mar 

129L 

(1,430) 

— 

(17.0) 

0.88 

(1.75) 

Reliance Knitwr. 

Apr 

267 

(106) 

2.6 

(0.8) 

1.54 

(1.54) 

Bes tin or Group 

Apr 

1,310 

(1.200) 

15.7 

(13.5) 

5.5 

15.0) 

Savllle Gordon 

Apr 

1.080 

(511) 

4.3 

(2.0) 

3.22 

(2.93) 

SEET 

Apr 

951 

(1.420) 

28.1 

(25.3) 

3.3 

(3-0) 

Stirling Group 

Mar 

1,050 

(763) 

11.0 

(12.1) 

1.0 

(0.6) 

Vlhroplant 

Mar 

354 

(1,920) 

12.6 

(20.8) 

14.5 

(14.5) 

Victor Product* 

Apr 

1.340 

(1,011) 

14.3 

110.4) 

4.25 

(4.25) 

Wholesale Frigs 

Apr 

3.470 

(3,155) 

13.9 

(13.4) 

4.54 

(4.13) 


INTERIM STATEMENTS 


Company 


Half-year 

to 


Pre-tax profit 
(£000) 


Interim dividends* 
per share (p) 


Argyle Trust 

Jane 

402 

<330) 

— 

(— ) 

Ault & Wlborg 

June 

731 

(565)1# 

0.75 

(0.5) 

Automotive Prods 

Jane 

2SQL 

(2,980 )L 

Off 

(1.0) 

Baynes (Charles) 

June 

213 

• (194) 

0.25 

(0.25) 

Comm Bnk Wales 

June 

402 

(55S) 

— 

(—0 

Corah 

July 

1,420 

(529) 

15 

(1.251 

Dares Estates 

June 

105 

(345) 

0.5 ; 

(0.5) 

Dreamland Elect 

June 

704L 

<793)L 

055. 

(0.35) 

Johnson Group 

June 

2,610 

(2.140) 

2.8 

(2.15] 

Kode Inti. 

Jane 

612 

(603) 

2^32 

(2^2) 

Manor National 

June 

6SL 

(125)L 

— 

(—1 

Noble & Land 

June 

30 

<67)L 

0.18 

r— ) 

Phi com 

June 

521 

(616)L 

0.25- 

(0.15) 

R /Dutch Shell 

June 

794.000 

njomt 

— 

(— ) 

Plessey 

July 

31,500? 

(25J)00)ff 

— 

(— ) 


June 

- 8,010 

(6,630) 

1.2 

(1.05) 

Royal Insurance 

June • 

32,000 

(68.000) 

10.0. 

(9.75) 

Seen ri cor Group 

Mar 

4.620 

(4,120) 

0.4 . 

(0.37) 

Security Services 

Mar 

3,870 

(3,450) 

0.82 

10.75) 

Taylor Woodrow 

June 

9,640 

(8.360) ; 

5.5 

(3.15) 

Unilever 

June 

377, S00 

38L200) 


(9.96) 

United Glass 

June 

540L 

(4,620)L 

— 

(—1 

WhJttingbam (W) 

Apr 

46SL 

(781) 

2.25 

(2.25) 

Woodhse & Rtiran 

June 

574 

(226) 

0.75 

(0.5) 


(Figures in parentheses are for the correspoutfing period.) 

* Dividends are shown net except where otherwise stated. 
T Dividend yet to be declared. + In Em. L Loss. 


Offers for sale, placings and introductions 


Bermuda International Bond Fund-— Is seeking a full Stock 
Exchange listing. 

Mercantile House— Offer for sale of 6m new ordinary shares at 
375p per share. 

Berkeley and Hay HUi Investments— Plans to Join the Unlisted 
Securities Market. 


Scrip Issues 


The English Association — One-for-10. 


Rights issues 


Man ton Brothers— Is raising £989*80 by way of a two for three 
issue at 21p per share. 


KESS COMPUTERS p.l.c. 


(Incorporated, in England under the Companies 
Act 1948-2980 — No. 158301$) 


Placing by Montagu, Loebi, Stanley & Co. 
of 812,500 ordinary shares of lOp each at 
80p per share payable in full on acceptance 


Copies of the prospectus are available 
during usual business hours nu weekdays 
(Saturdays excepted) up to and including 
(23rd August 1882) from 


Corporate Finance Department 
Montagu, Loebi, Stanley & Co., 
31, Sun Street 
London, EC2M 2QP 
. or ring Graham Lewinstein 
on 01-377 9242 


THE THING HALL 
13SM INDEX 
138J» (+02) ' 

Close of business 20/8/82 
Tel: 01408 1591 ; ■ 

RASE DATE 1Q/Vr/S0 109] 


LADBROKE INDEX 

580 585 (+14) 


UK NEWS 



15 


Estimate of 
earnings 
too low, 
says broker 


By Max Wilkinson. 
Economics Correspondent 


THE REAL profitability of 
British industry last .year was 
more than twice as good as 
is suggested by the latest 
official estimate, according to 
the stockbroker de Zoete and 
Sevan. 

• From analysis of the 
accounts of 181 UK com- 
panies. Che broker has 
estimated that the average 
pre-tax real rate of return in 
1981 was fi per cent. 

This compares with an 
estimate, on a different basis, 
by the Bank of England that 
the nre-tat rale of return on 

trading assets in the company 
sector was (ess than 2} per 
cent. 

The main difference 
between calculation of these 
two figures. is that the Bank 
has applied Inflation adtnst- 
meats to ageregate profit- 
ability calculated on a 
historic-cost basis. The 
broker, on the other hand, 
has calculated an average of 
the current-cost figures for 
profitability produced by the 
comuarries themselves. 

The Bank's figures are also 
based on a different and wider 
sample. Nevertheless, the dis- 
parity of the two figures raises 
the. issue of how many com- 
panies in fact are making 
adequate profits, the broker 
Guys* 

It estimate* that British 
quoted companies were achiev- 
ing real pre-tax returns of 
about 7 1 per cent on average. 
But it says the total private 
sector probably earned 4+fii 
per cent last year on UK 
operations. 

The broker says the Bank’s 
estimate for overall profit- 
ability would only appear to 
be appropriate if nationalised 
industries were included. 


Signal Life 
legal advice 
delivered 


By Eric Short 


THE Bondholders' Protection 
Committee set up this week 
by certain insurance inter- 
mediaries which Invested 
their clients’ money in the 
Gibraltar based company. 
Signal Life, has now obtained 
counsel's opinion on its future 
moves to protect its clients' 
Interests. 

• No details are yet available 
but Mr Bob Barclay, chair- 
man of the committee, expects 
to make a statement on 
Tuesday. 

Slemal Life is under 
semtinv by the Gibraltar 
authorities and is the subject 
of legal aetion by the Honx- 
knng and Shanghai Bank 
Trustee (Jersey); which was 
trustee to gold bonds 
marketed by the company. 

Delegates at the meeting on 
Wednesday, which formed the 
committee, were unanimously 
Critical of the trustee. 

Mr Barclay, of Barrio** 
Brokers, a firm of registered 
insurance brokers iu Boston. 
Lincolnshire, said the com- 
mittee would be cootoctiog 
the trustee to establish the 
nosition in relation to bond- 
holders. He said he was 
optimistic of the outcome. 

The trustee emnhadses that 
Its sole responsibility is to the 
bondholders themselves. At 
this stage It nuestious whether 
this committee is able to 
speak For . bondholders. 

The committee is drawing 
up a central register of all 
bondholders who invested in 
Signal Life bonds. 


Ian Rodger explains the combination of BSC’s and JFB’s press-forging businesses 

Two stumblers steady each other at last 


THE IDEA of putting together 
the big press-forging businesses 
of the British Steel Corporation 
and Johnson and Firth Brown 
(JFB) was mooted as long ago 
as 1975, when BSC. contem- 
plated closing down its River 
Don Worts- ' 

But such is the stubborn in- 
dependence of steelmakers in 
this country that a deal is being 
made only when both • com- 
panies are op their Knees, the 
fhture of their strategically Im- 
portant forging businesses hav- 
ing been put in doubt 

The big forges make steel and 
alloy shapes for use under high 
stress, such as in epreraft under- 
carriages and engines in power 
generation equipment and 
nuclear reactors. 

When JFB reported a pre-tax 
loss of £3.9® in its first half- 
year to March 31, and capital 
gearing rose to S3 per cent of 
shareholders’ funds, the direc- 
tors made clear that the com- 
pany could not go on iu that way 
for much longer. 

BSC baa been losing heavily at 
its River Dan Works, as is indi- 
cated in the forecast by the new 
Sheffield Forgemastrs that the 
new company will make a “ sig- 
nificant loss ” iu its first year of 
operation. 

The deal also came about 
because of the expiry last May 
of a 10-year agreement under 
which Firth Brown and BSC 
divided the forgings market 
between them. Under that 
agreement. Firth Brown took 
all the business for forgings 
from ingots of 75 tonnes or less, 
and River Don took all the busi- 
ness for very large forgings, 
such as ship .stern frames and 
pressure vessels for nuclear 
reactors. 

.As things turned out. River 
Don got the worst of the deal 
because the shipbuilding and 
nuclear power industries de- 
clined through much of the' 
1970s. But JFB has been hit hard 
In the past year by the decline 
in orders from the aerospace 


Sector 

Wire rod 


Engineering steel* 


RATIONALISATION IN 
Main' companies involved 
BSC, GKN, Sheernew Steel, Man- 
chester Seed, Templeborough Rolling 
Mills. 

BSC, GKN. Duport, Hadftekb, Tube 
Investments. 


THE UK STEEL INDUSTRY 

Progress to date 

BSC and GKN combined Interests in S0/S0 venture, Allied Steel an 
Wire, In July, 198). The other remain. 


Heavy press forgings 
5pedaJ steeh 


BSC, Johnson and Fifth Brown. 
Aurora, JFB, GEL Neepsend, a 
other private groups. 


few 


Bright bar 


Narrow cold-rotted strip 


BSC. Arthur Lee; Allied Steel and 
Wire, John felkes Hefo, BSG Inter, 
national, GEI et at. 

BSC, Allied Steel and Wire, Glynwed, 
Ductile and 15 others* 


General steel castings 


F. H. Lloyd. Weir, North British Steel, 
BSC, Geoyge Blair, Lake and Elliott, 
Aurora and 60 others. 


Carbon wire 


Allied Ttcel and Wire, Bridon. Tinsley 
Wire, Bechkarts, Richard Johnson and 
Nephew. 


Duport abandoned the sector in March, 1981 after heavy I«jm 
H adflrids followed in Jufy, T$87. T? sold its SO per rent stake i 
Round Oak to its partner, BSC, in May, 1981. BSC and GKN brok 
off negotiations aimed at combining their Interests in February, 1983 
but informal talks occur from time eo time. 

Joint venture, Sheffield Forgwnaster Holdings, formed this week. 
Neeptend withdrew in March, 1981. Analysis of the sector by Frol 
Sir Frederick Warner, completed in July, 1981, catted for substantia 
reduction of capacity and concentration of production. Companies 
especially Aurora, have continued to rationalise but no signiflcan: 
intercompany arrangements have been concluded. 

Mr George Weldon of Touche Ross completed an analysis in May 
1982, which called for 875.000 tonne capacity to be halved, preferabl) 
through a self-help scheme. 

Mr Christopher Strong of Deloitte, Haskins and 5etts completed ar 
analysis in April, 1982. Ductile was acquired by Glynwed in a £21 Arc 
agreed bid in June, 1982. 

Self-help scheme proposed by Lazard Brothers in November. 1981, 
foundered because of opposition from Lloyd, the sector leader. Follow- 
ing board changes last spring at Lloyd, a new scheme has been 
prepared and details were circulated yesterday to the companies. 
In the small, specialised, high-static, alloy castings area, Lazard* won 
agreement last December on a self-help scheme and four of the 12 
foundries have since dosed. 

Analysis being prepared by Touche, Rots. 


Industry, especially Rolls-Royce. 

Both companies have gone 
through much rationalisation in 
tbe past two years, but are still 
losing money. Thus, the prospect 
of cut-throat competition when 
the market-sharing agreement 
had expired was disturbing for 
both. 


The Government's recognition 
of the strategic significance of 
the forging sector seems to show 
in the financial contributions 
being made by the two sides. 
JFB sources have indicated that 
the forging assets of the two 
companies are of roughly equal 
value. 

The JFB assets being trans- 
ferred are valued at £41m, net of 
the £20m of debt whale BSC’s 
contributive assets are valued at 
only £24m. JFB Is putting into 


the combination its River Don 
Stampings and cast roll com- 
panies, as well as the forging 
operations, but it still looks as 
though a generous valuation has 
been given so that the Govern- 
ment, through BSC. could inject 
substantial working capital. 

BSC is putting in £17m cash 
so that its total contribution 
may match that of JFB, and is 
subscribing for a further £10m 
in convertible preference shares. 
There is more Government 
money available to help pay 
for restructuring and redun- 
dancies. 

Although the Government has 
been putting constant pressure 
on BSC to hive off its activities 
to the private sector, this is 
only the second deal completed 
since the Conservatives came to 
power in 1979. 


The other was in February 
1981, when tire corporation and 
Guest, Keen and Ncttiefolds 
agreed to combine their wire 
rod interests in a 50-50 joint 
venture called Allied Steel and 
Wire. 

That deal took only two years 
to negotiate. As in the current 
case, the private sector partner 
provided most of the assets and 
BSC topped up its contribution 
with cash. 


Since then. BSC has become a 
buyer of assets rather than a 
seller, having taken over the 50 
per cent stake of TI Group (the 
former Tube Investments) in 
Round Oak Steel Works and 
having bought Duport's rolling 
mills and steel stockholding 
businesses for £25m. The idea 
in the cases of Round Oak and 


the rolling mills is that BSC 
hold on to them pending further 
agreements on rationalisation 
within the relevant sectors. 

The pace of rationalisation 
could well pick up, now that 
there Is only one month left to 
apply for funds made available 
by the Government under a 
£2 3m scheme to help private 
sector si eel companies pay. for 
rationalisation. 

Lazard Brothers circulated 
yesterday a revised plan to cut 
capaciry in the general steel 
castings sector. Most com- 
panies are still working at little 
more than half their capacity 
and are pessimistic about tbe 
outlook. They are thus expected 
to look more favourably on 
this scheme than they did at 
its predecessor from Lazard 
late last year. 


Inquiry into failed Manx 
bank ruled out 


BY OUR ISLE OF MAN CORRESPONDENT 


THE ISLE OF MAN Govern- 
ment has decided not to order 
a full-scale investigation ' into 
the collapse of the Savings and 
Investment Bank, the island’s 
biggest independent bank, but 
has not ruled out legal action 
if the bank’s liquidators find 
any evidence of malpractice or 
irregularity by the bank’s 
management 


The government said in a 
statement yesterday that it 
was .“very* conscious of the 
deep public concern over the 
failure of this bank,” but con- 
cluded that a full government 
inquiry would be inappropriate 
"at this tirne.” 


It said any inquiry could 
hinder the liquidators, who are 
pursuing an orderly winding- 
up of the bank’s business and 
an early payment of the credi- 
tors. However, the Governor in 
Council would maintain a close 
watch on the winding-up and 
would not hesitate to institute 
any further inquiries and take 
any action deemed necessary 
later. 

The statement was published 
as Sir Charles Kerruish, 
speaker of the House of Keys, 
the lower chamber of the Manx 
parliament, said he would 
move a resolution calling for 
an official inquiry when the 
chamber resume in October. 


Food Brokers 
to distribute in 
chemist trade 


By Un Wood 


FOOD BROKERS, the indepen- 
dent marketing and distribution 
company serving the grocery 
and confectioner industries, 
has set up a chemists division. 

This follows tbe company’s 
agreement with Unicliffe. a sub- 
sidiary of Pfizer of the U.S., 
under which it will sell, market 
and distribute Unidiffe brands. 
Limmlts and TCP within the 
chemist trade. 

Mr Arthur McCarten. market- 
ing director of Food Brokers, 
said the new division would 
give the company opportunities 
to sell other of its brands to all 
areas of the chemist trade, such 
as independent chemists and 
wholesalers. 


Liberal choice will fight 
Northfield for Alliance 


BT JOHN HUNT. PARLIAMENTARY CORRESPONDENT 


THE LIBERALS have chosen 
Mr Stephen Ridley, prosecuting 
solicitor for the West Midlands 
County Council, as their can- 
didate to fight the Birmingham 
Northfield by-election «n behalf 
of the Liberal SDP Alliance. 

The Liberals' announcement 
yesterday came amid more 
signs Df tension between the 
two Alliance partners, as a 
Liberal councillors’ leader 
suggested that the Social Demo- 
crats were too London- 
orientated. 

The Birmingham Northfield 
by-election has been caused by 
the death of Mr Jocelyn Cad- 
bury. the Conservative MP. He 
was found dead from a gunshot 
wound in his Birmingham home 


earlier this month. 

Last night Mr Ridley said he 
regards the seat as a three-way 
marginal. Support for the 
Alliance in recent opinion polls 
showed that he had a good 
chance of a “ sensational 
victory." he claimed. 


The latest Gallup Poll earlier 
this week registered a small 
rise in the popularity of the 
Alliance to 27* per cent, ahead 
of Labour’s 26| per cent but 
well below the" Conservatives’ 
44} per cent 

Labour has already named 
Mr John Spoiler, azi official of 
the electricians' union, as its 
candidate. The Conservatives 
have yet to choose ope. 


M. J. H. Nightingale & Co. Limited 


27/28 Lovar Lane London EG3R 8EB 


Telephone 01-621 
P/E 


1212 


19B1-K 

Company 

Price Change 

Gross Yield 
div.(p) % 

Fully 
Actual taxed 

127 

1ZO 

Asa. Brit. ind. Ord. ... 

127 

•— 

8.4 

5.0 

11.5 

14.3 

137 

100 

Ass. Bnr. Ind. CULS... 

137 

— 

10.0 

7.3 

— 

— 

75 

62 

Airsorung Group 

70 

— 

6.1 

B.7 

8.0 

13.7 

51 

33 

Armltage * Rhodes 

44 

— 

4.3 

9.8 

3.7 


230 

187 

Bardon Hill 

230 

— 

11.4 

6.0 

9.7 

12 2 

IU 

100 

CCL 11 pc Cqnv. Prel . 

114 

4. 1 

15.7 

i 3 .a 

— 

—*■ 

265 

240 

Citdico Group 

255 

— 

26.4 

10 0 

10.7 

12.0 

tew 

6fl 

Deborah Services 

74 

— 

6.0 

8.1 

5.2 

7.5 

126 

97 

Frank Horaell 

13S 

— 

7.9 

,5.9 

5.7 

6.1 

S3 

39 

Frederick Parker 

71 

— 

64 

90 

3.6 

63 

78 

46 

George Blair 

53 

— - 

— 


— * 

- 

102 

93 

Ind. Precision Castings 

99 

— 

7.3 

74 

7.1 

10.S 

117 

100 

Isis Conv Prof 

117 

— 

IS 7 

13.4 

— 

— 

113 

94 

Jackion Group 

113 

— 

75 

6.6 

3.5 

7.2 

133 

108 

•lames Burrouqh 

132 

- 1 

9G 

7.3 

9.6 

10.7 

334 

ISA 

Robert Jenkins 

198 


20.0 

10.1 

2 2 

31.* 

82 

51 

Scruttons "A" 

R1 

— I 

5.7 

7.0 

10.5 

1 2.7 

222 

160 

Tordsy & Carlisle 

ISO 

— 

11.4 

7.6 

5.7 

it. 5 

44 

21 

Unilock Holdings 

21 

— 

0.48 

2.2 


— 

103 

73 


84 

— 

6.4 

7.6 

5 5 

9-8 

263 

212 

W. S. Yeatas 

249 

~ J : 

14.5 

5.8 

6.5 

13.0 



Prices now available on Preslel Pago ,48146. 




The 400% Gain 
that will Turn 
the N.Y. Tide 




Industrial Renewal 
that will Follow the 
drop in U.S. Rates 


This advertisement is issued in compliance with the Regulations of The Stock Exchange. 



Nationwide 

Building Society 


Placing of £10,000, 000 ll 1 /* per cent Bonds 

due 30th August 1583 


Listing for the bonds has been granted by the Council of The Stock Exchange. 
Particulars in relation 10 The Nationwide Building Society are available in the Erie! 
Statistical Services. Copies of the placing Memorandum may be obtained from:- 


Packshaw & Company Ltd., 
34-40 Ludgaie Hill, 

London EC4M7JT 


Laurie, Mflbank & Co., 
Portland House, 

72/73 Basinghall Street. 
London EC2V SDP 


Rowe & Pitman, 
City-Gate House, 

39-45 Finsbury Square, 
London EC2AUA 


MARTIN CURRIE & CO. 

INVESTMENT TRUST COMPANIES AT3lst JULY1982 


Total ft owls 
Jess Current 
liabilities 

UK 

Geograohical Spreeo 

Worth 

America Japan 01 her 

.ErraUion 


T, 

‘i *• 

24.0 

66 

24 

7 3 

125.4 

55 

32 

8 S 

29.4 

46 

41 

S 5 

70.6 

60 

31 

7 2 l 


I4«as5bi value 


St Andrew "fist 
Scottish Eastern In v. TSt 
Scottish Ontario Inv. Co. 
Securities Trust of Scotland 


Prtorcharoes Share 

Grose 

"fetal Return en 

at par 

Price 

Yield 

NAV (base-100)' 

0 

P 

r -9 

5yre 

lyr 

200.9 

157 

5.9 

160.1 

95.2 

109.8- 

SO 

6.0 

159.9 

91.2 

104.0 

85 

5.3 

143.4 

9SL3 

14&9 

110 

6.6 

157.1 

942 


• fSowre: jtoad Mackenzie a Co? 


29 CHARLOTTE SQUARE EDINBURGH EH24HA. TEL 031 -225 3811 


In Jeffery's Stall, -side technical 
workshop an electronic-scanner smud 
with >(» own action* plotting staff ,, 
(Savored exclusively to the logging end 
projection of monetary-lncirument 
movements on New York and Chicago 
Exchanges . W wa* material developed 
by jhia facility which Jeffary was 
employing when be aeid on a London 
radio station last September 25 that 
the leading gloom mongers ot that 
interval wera flatly wrong In projecting 
a 24 percent U.S. prime rate at a time 
when the weekly Jeffery Letter was 
calling short term rates in the U.S. (or 
a drop to 10 percent. U.S. Treasury 
Bend futures ant among the media that 
have been used In Jeffery-managed 
growth (unde to gear up equity- va lue 
performance apace with a recently, 
obvious shift from credit curtailment to 
monetary expansion. These ware below 
S55 when Jeffery wes issuing his 
controversial " buy " recommendation 
of late September and were SS7 in 
February when he said their next 
Intermediate larger was S71. Margin 
terms in U.S. fuiutes-matkei dealings 
call lor putting up $2,500 in equity to 
carry a T-Bond contract worth $100,000 
at (ace value. If there re a $10 movement 
in the selected direction. oecwUngly. 
the speculator makes $10,000 per 
contract or 400 percent on hia capital. 

A week ego T-Bond markets on the 
U.S. weat coast Hew through $56 as the 
Federal Reserve Board announced its 
fourth Voercant discount rate reduction 
since mrr! June. Watch now a? the 
initial 400 percent gam made possible 
bv thi, eruption transmutes itself into 
n wide range ol game at commercial and 
nd ilt tnal levels where pcji-racessionafy 
expansion and aqiiiry. market gains have 
a warred a visible |nm m credit policy. 
Anri read the weakly Jeffery teporls if 
you went full-time jnaoaiiois working 
to halo vou detect impending turnaround 
action we'l ahead ol rha crowd Trial 
issues ere available on a complimentary 
basil along With growth-lund derails 
if you'll simply telephone or return 
the e mi pen. 



ABliY AMERICAN 
GROWTH TRUST 

An opportunity to invest in the worlds Nal economy 


The US economy knot onfy the farjest In the 
world, but U also extremely diverse. 

It combines an Immensely strong base with 
wide choice, and a tradition of drive, efficiency 
and adaptability common to both management 
and labour. 

The USA also has the largest equity market 
in the world: fir larger than either Japan’s or the 
UKY. Its nearest rtvite. 

An investmentln the growth areas of the US 
economy therefore offers the Investor looking 
for long term capital growth many attract! cm. 
Ourpowth portfolio 

The amor the Abbey American GimnhTnstE 
capital jrewJiand scmeavMtnefcnheU^ investor 
from investment in leading North Aren tan 
compsiuer, whh the rain pm phao- on die USA. 

Th.eccnfebo i; torce-rrated on SO ia £0 c om- 
p*n*K chosen or. the bast tf rTE*yi pacrut. 

The TrtST IswOM-ymanafsd 


T r.err >s a daJy re, 'em of invest ments -Jus 
takes mto account ant'Cipued short tern 
rravemevs n equit> neieb jrd currer.ties. 

As J*.;&f&’82.the esbma^sgrc&i income 
ywld v.a j 2 -2$- on a umtofferpnee of 63 Jp. 
Ou r In vestment edge 

Tr* pertfo'iofe managed by Abbey Life 
investment Services who mans™ assets of marc 
man cl.iOO rrj'iicm on behalfrf Abbfy Unit 
Trust Managers and olhergraup ccmsajtles. 
Their Lcndan-bajed portfolio managers and 
analyse ere becked by on -the -spot input on the 
US marled from Tee Hartford Insurance 
Graup-a me irber o* the same w=rla.v| da group 
cfeor pa-met and cne afthe leoangiri jrince 
corroamei in the USA. 

To invert new.smply -etijmlheappLiatiOn 
fern eeip-.v v.-nr. yourphecue, mra-wnr £50T. 

Remember that the price of uti3.and the 
iiKerretrsmtAtm. ntt vgo down 4s turtles Up. 


The Jeffery Letter 


Published by Prawminster Limited 
100 Perk Street 
London W1Y 3RJ 
England’ 

Tel: 01-499 7374 


Gentlemen: Please send compli- 
mentary Jeffary Letters and Fund 
details to: 


Name 


Addrua 


Telephone 


General (nformsaen 

Van u- buy or sell yr.u :r. a.n b,ji «*•..; d*.- 

a Conrad ' .'i:« *ii' 5#.- r c . etsoi c' -o.- 

-.,Tiv" 1 icr'.rfrvcs L.niT ‘s-rincsw lUued r -ri.r c, 
i «l-. P»: T.»n,liy-^ 6u -;.-aip^ u r..t'..i'.c--nt 1.- 
•T.ide .-.Iir-n •• C' -it,: o’ •- .r.ip: c . :u 
iBr.oun.:e1 Urr Ci-rtii-cite Prirei ind yields 
■5PM- «'iy i- :-e rT. A:. in*j. charge c-' .• . 
.n.ljded i— me c'fer an:* tr. if r,y.:- 
c- £■ '5- o 1 "A- Iru'.i; • i-u- plus .‘AT i. de?w<)eo 

# rc r* '-he T-US'J. fc-'S irrci-e !lh» T-UIT 
Ceet re-r-n* .-j,.— u— ckjije: o.» l and 
'■ amcai-. ne.7i»rcri-.B,-’ ; s>u -J 

■-•'■r— »d.a*». -i-e; ai tc i-;. Income Is 
disiribuicd -,r.r . »< — . Li ?ez. Trustee: 

T’* f,ni ci r‘ Jn; L“ n CC'i ”* .r?s 

CoTja.-i, Tr-.T-i.: .» '. 

Oi'c- :r 't-.oe v.; T..e 

i Application Form la; Abbey Uhh Trust Marugm Limited, i 

| 1-35tPiuft Churchyard, London EC4M fiAS (Aeg, Office;. 1«l: 01*236 1333. | 

• lA'Iwecdoseacheguefor 

L . 

) (minimvm £500) payable a J| 

■ AhbeyUnitTruMMansgersLtd.farinvesiiiieminAt'bc.AmeraTGmiihTruaBdie 1 

1 offer price rj'dngon rac«p:of this appUcaucn.1 srj'.'.'c are cverlfi years of age. | 

| Name 


8 

| Address 



1 _ I 

I Postcode f 

1 

1 Signature 


1 

Dite l 


Jcln; A role: ants should aU sgt a nd enclose 
details separate!/ 

Aibtv Un: Tint Mihaprs Li J- 
kep n vwd m EnjUndNo 

’ AjubHfljryoretihr/l'fvGroiijitul: 

t Bnw Comamrot m 


Member H the LlmTrvu AoediUe*. ^ 



T’ll’CSjJ 


Abbey i 


UnftTrusts 






ach 

latter 

inont 

defier 

feces: 
prote 
perfo 
outsit 
. Th« 
achie 
grour 
.reces: 
•jnduc 
Tallin 
.’tfnrni 

tfrpalic 
■.“shal 
price 
more 
'direct 
ins tt 
! Las 
whole 
tonrii 
Bjut i 
year : 
18S2 
ably 
Minis 
is wo 
doubt 
adopt 
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Brazi 
-The 


Financial Times Saturday August 21 ,1982 


Companies and Markets 


WORLD STOCK MARKETS 


•i 


NEW YORK 


\r\ A % 


ACP Industries,,,: 2SS B | 28 


AMF 131* 14 

ARA. i 37 : 26 i s 

ABA 34i« , 32 1 9 

AVXCorp „„„i 161 ; I 6 I 4 

' Abbot lain ; 30i* [ 301 * 

Acme Clove.. 18 1* 1 18 ij 

Adobe Oil A GM 1 131a , 1SU 
Advanced Micro. 1 221* 1 225s 
Aetna Life * Gas 341* , }5i a 
Ahmanaon iH.F.I, 12 U I 12 
Air Prod & Chem: 25>a ! 25't 

Akzona. — ' 167 g 157g 

Albany int ■ 247g 243* 

Aiberto-Culv \ Ills tils 

■ Albertson's ......... 35s* 35 U 

AieanAiumlnlum. 21 U 206a 
Aico Standard....! 194 is 

Alexander &A1... 23 251* 

Aiegheny int...». 173* 17 ' 

Allied Corp 323* 32 l B 

Allied Stores 263* 264 

AJIla-Chalmers,... 84 84 

Alpha Portd 143* 144 


Columbia Gas ....' 28 1* 
Comblnad I nr...' 21 
Combuetn. Eng.. 225* 
Cmwlth. Edison. 23 
Comm. Satelite-- 554 


Ct. Atl. pac- Tea.] 74 
Gt. Basins Pet.... 14 

Gt Nthn.Nekoosal 304 
Gt. West Flnancl.i 144 

Greyhound I 14 

Grumman..: 351* 


Gulf A Western-!' 123* 


Comp, aeience.. 12 s * 1 124 

Cone Mill*. I 284 i 284 

Con re C 244 ■ 845* 

Cons Edison ; 185s . IB 4 

Cone. Foods. 354 1 35 

Oorts Freight ; 45 1 43 4 

Con. Nat. Gas ; 224 215a 

Conmuer Power 17fig 18 
Cont. Air Lines... 44 - 44 

Conti. Corp j 214 2138 

Conti. Group I 284 274 

Conti. Illinois. [ 16 164 

Conti. Teleph ISTa. 164 


Control Data 243? 


Alcoa 264 | 86 

Amal. Sugar 474 474 

Amax I 19 U 184 

Amdahl Core I 204 194 

Amerada Hess....! I 84 174 

Am. Airlines. M ...; ze iQ7 B 

Am. Brands : 404 393g 

Am BroadcasTi, 424 1 42 4 

Ain Oan 1 284 | 284 

Am. Cyanamld., .. 284 28s* 

Am. Elect Powr., 174 174' 

Am, Express 414 41 4 


Am.Gen. Inanea.i 344 1 34 


Am. Holst A Die... 


Am. Home Prod.. 


Am. Hosp. Suppy 323* 


Am. Medical Inti I 24ij 

Am, Motors 34 

Am. Nat. Reseos. 1 267s 

Am. Pettlna | 624 

Am. Quasar Pet-.j 64 


Cooper Inds- 20 214 

Coon Adolph-... llse 113s 

Coppcrweld. 134 134 

Corning Glass..- 464 46 

Corroon Black.... 204 204 
Cox Droo-casda 2Bs a 29 
Qrane 207 8 | 194 

Crocker Nat.- 234 ; 234 

Grown Cork. ■ 234 , 234 

Crown Zell ' 17 174 

Cummins Eng 504 504 

Curtiss-Wright ...' 344 345a 

Damon 1 64 64 

□ana ' 25 244 

Dart & Kraft 56Sn I 06 4 

Data Gen....— - 20s* j 213 * 

Dayton-Hudson .. 384 ■ 3a;? 

Deere - 234.! 234 

Delta Air : 274 ! 2SS« 


Gulf OIL. ... 274 

Hall iFB > 1 26 

Halliburton : 214 

Hammermlll Ppr 22«* 
Handle man...—.., If 4 
Hanna Mining ... ■ 174 
Har court Brace- 144 

Harris Bancp • 

HarrlaCorpv 1 235* 

Harsco 135a 

Hecia Mining 104 

Heinz (HJ). 304 

I Heller Inti 154 

Heroules - 19* 

, Hershey - 43** 

Heublein 634 

I Hewlett Pkd 42 4 

Hilton Hotels L 314 

Hitachi J 224 


MGM. 3s? 05* 

Metromedia 209 4 2085* 

Milton Braday ... 174 184 

Minnesota MM... 564 554 

Missouri Pac 53 53 

Mobil 21 207 8 

Modern Marchs 104 104 

Mahasee. — 104 lose 

Monarch M-T,,.., 154 154 

Monsanto 664 : 654 

Moore McCmrk.. 134 13 

Morgan UP] S14 624 

Motorole 1 617* 627g 

Mumlnswear- ., 115* 214 

Murphy IGG>.— 14 24 

MurhyOll- 184 184 

Nabisco Brands-. 1 341a ! 344 
Naico Chem ! 22 22 


Sahiumberger... 

SCM 

Scott P»P«r 

season 

Seagram 

Sealed Power ... 

Searle 'GDI 

Seer* Roebuck .. 
Security Pac...... 

SedcO 

Shell Oil 

Shell Trans 

sherwln-wmt- . 

Signal 

Signodc.... 


52V 514 

224 22 

15S*. 15 
33 23 

50 494 

32 314 

354 ' 355* 
204 20 

284 ■ 204 
255? 355? 

29 5* 294 

27 364 

274 37 

167* 175* 

512, , 524 


Dow 


simplicity Patt_. 


Nat Can ' 153* j 17 


> Nat Detroit 214 224 

Nat Dirt. Chem. J 204 20 

Nat Gypsum 30 184 

Nat MadlealErm 15T B 155* 
Nat. Semlcduetr. 14 14 

Mat Service IndJ 24'< 244 
Nat Standard..., | 84 64 

Nat. Steel. ... 151* j 164 

Note mas »..i 145* | 144 

NQNB ' 124 1 124 


Holiday Inna 1 277* 

Holly Sugar ; 344 

Homestake 2 7 4 


NCR +...' 547a | 844 

New England El.' 30 j* ! 304 


Honeywell 634 1 63 


Hoover 95 b 

Hoover Uni .. ...... 177* 

Hormel Geo.V.... . 19 

Hospital Corp 354 

Household Inti....' 194 

Houston Inds 197* 

Hudson Bey Mng. 104 

Hughes Tool lBi* 

Humana..— , 27s* 


NY State £ 40... 18 

NY Times -! 374 

Newmont Mining- 56 
Nleg- Mohawk....' 154 

NJCORInc. : 274 

Nielsen iACi A. ...' 475* 
nl industries-...’ 144 
NLT 41«« 


Skyline 17 | WJs 

Smith inti*. 19 ; IfT* 

Smith KlineBeck 60 4 605* 

sonestalntl 13 4 1*4 

Sony - JZ, « ! 12 

Southeast Bankg 1 164- j 164 
Sth. Cal. Edison .. 34 »b ! 334 

Southern Co. ; 14 144 

Sthn, Nat Res....' |34 | 234 
Sthn. N. Eng.Tei. 454 45 

Sthn. Pacific ' 365, , 265* 

Southlands ■ 33 u j 834 

S.W. Banosharai 25 > 234 

Sperry Corp 224 I 223* 

Spring Wills. 28 ; 27 , 

Square D 234 = 234 

Squibb 36 >a JSJs 


THE MARKETS wefk-lnnR rally Group, were also higher. Active irregular. SwitZCrlSfid -\- 

cain»>d further support yeMerday Sears Roebuck rose S3 to S213, 

jj i % t !r£8£' 10 S40i ““ 81 in ’SftWiJS- rssss 

12 S4 to S51.41, making a rise Cities Services were up SI to „ fA iinwine 

If is on the week, while Uie S43I in heavy trading— Occi- Prices rose initially follrwink afler Ttand^ffi 

NTS All Common Index, at denial has started its tender offer 6 Wgber own^t rfwe on a thttjBO frj* * 

$63 45 rose 8S centc on the day of R50 a share for 49 per cent Street but 'Slhsroififr dollar 

and S 3 91 on the week. Advances of Cities’ outstanding stock. eroded oy proflHakinglwforj ,,-Ti - 

fed declines by a three-io-one THE AMERICAN SE Market «*“£ bargain hunting emerged sm ■ ajpport to 

■SOT s, a a J 01ume of 60 ' 65m IUSSJTS of 02H± “nJSSScS was off SSStn^wi 
^naKsts said approval of the ihe week. Volume, however, 0.87 at 1.044^6. after - JjJftSStwFr 

Tax Bill has caused Wail Street decreased 361,000 shares to by 11-00 houre and a fall of 5.3S bargain hunti^iwFrw^ 


> nt 

Celine 


Tax Bill has caused wail oireei aecreasea 301,000 shares to 
to gain confidence in the Govern- 3.56m compared with 1 pm 
nient's efforts to hold down the Thursdai'. 

Federal Budeet deficit, ^ 


STD Brands Paint 264 


Am. Standard ' 204 . 20 

Am. S tor si 464 ; 46 

Am.Tal. JcTsI 551* 544 

Amstoklne ! 27 27 

Amfac - 1 18 ! 18 

AMP 1 491* | 483* 

Anurtar 1 20 j* i 193* 

Am stead Inds—- 214 ! 207* 


Husky Oil ! 44 

Hutton ( ER ' 251* 


Dsntsply Inti ......| 243* I 244 

Dotroit Edison....' U’a I 12 

Diamond Inti i 59 383* 

Oiamond Shank.. 1 174 1 167* 

Dl Giorgio ■ 9 ' 94 

Digital Equip • 67 I 675* 


Dillingham I 115* | 114 


Anchor Hookg....? 144 i 144 


AnhauMr-Bh. ) 50 

Archer Danlola—i 135s 
Ajttioo - 16 


DHton 23 

Disney (Walt) 64 

Dome Minas 64 

Don n ally (RR)...— 427* 
Dover Corp 183* 


Armstrong CK — ; 167* 

AaameraOil.. i 74 

Asarco I 22b* 

Ashland Oil 23s* 

Assa. D. Goods,...! 35 

Atlantic Rich I 334 

Auto- Data Prg— . 21 

Avoq ! 194 

Avarylntl — 254 


Dow Chemical ... 213* i 203* 


, Dow Jonas- w 

Dreisar. 127a 

Dr. Pappar 143* 

Duka Power- 224 

Dun A Brad 724 

Du Pont 313, 


1C Inds. 26 

IU Int 134 

ideal Basic ind... 13s* 

Ideal Toy : 143, 

ICI ADR ; 5 

Imp Corp Amer.. 7 4 
INCO j 85* 

Ingersol Rand .... 394 

Inland Steel ! 193, 

Intel 30i, 

Inter Rrat Corp... 184 

Interlake..- 27 

Inter North 217* 

IBM I 66 


Norfolk. Southami 477* i 47 s* 

Nth. Am. Coal • 293* ; 294 

Nth. Am ./Philips.' 363, 36 

Nthn. State Pwr,.' 293* I 295* 
Northgate Exp... 3 3 

Northrop '-51 52 

NWast Airlines... 1 275* 275* 

NWestBancorp... 1 195* 20 

Nwest Inds 34 4 . 324 

Nwestn Mutual. ..i 9i* 

Nwest steal W.. 16 - »64 

Norton 23 , 243, 

Norton Simon 194 ‘ 194 

Occidental Pet...| 183, 184 

Ocean Drill Exp..i 164 164 

Ogden I 183* . 183* 

OgilvyftMrth : 315, . 32 

Ohio Edison- !3T* 133, 

Olin 174 ! 13 


Std Oil CM forma. 253, 
Std Oil Indiana . ; 354 

Std Oil Ohio , 28 

Stanley Wka ' 14-4 

Stauffer Chem.. 194 
Sterling Drug-.. 24 

Steven* <J.P.i 134 

Stokely Van K ... 29>« 

Storage Teen 174 

Sun Co 281* 

Sundstrand 304 

Superior Oil 214 

Super Val Sirs.... 19 
Syntex. 39 


TRW 524 


Taft 

Tampax., 


Teledyne 77S* 


EGA" - 174 


Avnat 37 J* 

Avon Prod I 204 

Baker Inti ; 19 

Balt Gas A El 284 

Ban CaJ I 164 

BSLngorPunta ...; 12t* 
Bank America ,..( 173s 

Bank of N.Y ( 41 

Bankers Tst N.Y. 1 313* 

Barry Wright 1 144 

Bauaah & LombJ 407* 
Baxt Trav Lab.... 375* 
Beatrlco Foods... 204 

Baker Inds < 45* 

Bell* Howell ...: 195, 
Bell Industries ...! 16 ; 

Bendix ! 487* 

Beneficial 194 < 


Easeo i 19 

Eastern Alrlinee.; 47* 
Eastern Gas A F. 1 163, 
Eastman Kodak..* 761* 

Eaton - 234 

Echlln Mfg • 134 

Eokherd Jack | 187* 

Electronic Data.; 267* 
Elect. Memorles.i 4 

El Paso ! 147* 

Emerson Elect- 1 45s* 
Emery Air Fgt....i 87* 

Em hart. ! 29V- 

Engeihard Corp..! 217* 


inti. Flavours 1 223* ; 224 

Inti. Harvester....! 37* ; 4 

Inti.lnoome Prop 9 , 9 

Inti. Paper 39 384 

Int Rectifier. 85* j 8-4 

Intl.Tel * Tel 26 255* 

living Bank. 36*4 I 364 

James (FS) 23 i 22 4 

Jeffh-Pllot £47* I 24 4 

Jewel Cos 334 . 334 

Jim Walter. £33* i 244 

Johnson- Con tr... 235* | 253* 

Johnson A Jns.... 416* . 404 
John than Logan. 144 I 14«* 

JoyMnf. 209* * 204 

KDTInd. Inc- 07* 7* 

K. Mart 1 183, : 184 

Kaiser Alum 12 4 1 124 


PPG Inds 

Pabst Brewing . 


Pac. Lumber..... 


Palm Beach — 

Pan. Am. Air 


Peabody Inti 


Beth Steel j 16 

Big Thee lnds M ...i 154 
Black A Decker- 13 

Block HR : 273* 

B ue Bell 234 

Boeing -| isr* 

Boise Cascade —. 1 254 

Borden 334 

Borg Warner | 244 

Briggs Strain ; 254 


Briggs Strain 254 

Bristol-Myers. 58 

BP 187* 

Brookway G!ass.| 137* 
Brown Forman B| 34 

Brown Grp ; 567* 

Brown 3c Sharp— ' 144 
Browng Ferris—.. 324 
Brunswick- 21a* 


16 i I 64 
154 : 159* 
13 I 13T* 
273* I 974 
234 I 233* 
187* 19 

254 247* 

334 554 

244 ' 25 
25 4 243, 

SB 57 
187* 184 

137* 137* 

34 344 

367* 37 

144 144 

324 1 314 
213* I 214 


Ensereh 164 

Esmark I 42 

Ethyl 243* 

Evans Prod : 86s 

Ex Cell O = 254 

Exxon- ; ?74 


' Kaiser SteeL | IS ' IB 7* 

Kaneb Services..' 124 : 123* 

Kaufman Brd 76* ; 7* 

Kay Corp ' 9s* 1 84 

Kellogg 1 25.* 254 

Kennametai 22 4 ' 207* 

Kerr-McGee- 24s* 1 244 

Kidde I 17 ■» 1 18 

Kimberly-Clark . 58.-* 584 


Peoples Energy. 
Pepsico 


FMC- - 27 263, 

Faberge. ] 176* I 18 

Fodders...— ...... J 3 . 34 

Federal Co I 214 1 224 

Federal-Mogul.... 194 194 

Fed. Nat. Mort.... 1 12-4 18 4 

Fed. Paper Brd..., 1 1*J» 1®H 

Fed. Resources..! 03, 1 03, 
Fed. Dep. Stores 394 | 413* 

Fieldcrest Ml 184 . 187* 

Firestone- > 10J* . 107* 

1st Bank System, 1 29 29 

1st Charter Fin-. 124 1 124 


Knight Rdr. Nws. 31 4 


Koppers- 

Kroehler 

URf!!:— 


Lanier Bus. Prod' 16 


Pioneer Corp ' 

Pitney-Bowes 

Pittaton 

Planning Rea ch.: 


Laar-Slegler 


Leaseway Tran s: 274 


25S* 

261* 

22U 

221* 

ll'r 

111* 

19 >* 

19 

224* 

231* 

21 

21 

37 

36U 

17 S* 

171* 

25S* 

251* 

244* 

257j 

29 

17'a 

151* 

15 

34* 

3ia 

24 

23U 

9U 

101* 

IS 

153* 

5 

5 

20 J* 

207* 

401* 

401* 

24 • 

24 1* 

81* 

81* 

397* 

40 

184* 

lBlj 

21-’* 

21ia 

104* 

ID* 

581* 

583* 

20 

193* 

1S<4 

16>» 

271* 

27 

481* 

48 

24 '* 

257* 

59is 

391* 

121* 

127* 

3458 

333* 

12lt 

13la 

6U 

6i* 

893* 

9112 

2213 

2213 


Tektronix 564 

Tonneeo 254 

TesoraPet 14 4 

Texaco 27 

Texas Comm. BJr 29 4 
Texas Eastern ... 41-, 
Texas Gas Trn ... 243 a 
Texas Instr'm'ts 816a 
Texas Oi I & Gas.. 19 s , 
Texas Utilities _. 239* 
Textron 194 


A smaller Federal deficit will 
reduce Treasury borrowing 
needs, which would in turn ease 
upward pressure on interest 
rates. 

The Stock Market was also 

buoyed by continued declines in 
some inieresi. rales. Southwest 
Bank of St Louis cut iis Prime 
rate m 13# per cent and the 
Federal Funds rales, on Over- 
ninht Loans between banfcx. 

1 dropped to a low of S* per cent 
from Thursday's close oF 9{ per 
cent. 

Alan R. Ackennan. director of 
Foreien Research for Herafeld 
& Stern, sees a "decided turn 
for the better in investor psy- 
chology which will mean a 
further advance after some con- 
solidation. The direction of 
Interest rates has become more 
predictable." 

The rally focused on Blue Chip 
issues, which continued to out- 
perform the rest of the market 
as they have all week. 

Analvsts noted that many of 


56m compared with 1 pm b ? 1116 morning close, 
mrsday. Some shares moved ir. 

response to interim results, with 
Canada Green Island Cement fallmc 

HKS1 to HKS30 on reduced 
Stocks were up sharply at mid- interim profit, 
ssion, helped by a strong Jiang Song Bank. shed HK51-3 
i vance in Gold issues and the to HKS6S.5 — it announced 
ntinuing raiiy on Wall Street, an 1S.5 per cent growth in net 
The Toronto Composite index profit after the market closed, 
se 15.3 to 1 .502.8, the Gold Wah Kuook Shinping eased 2.5 


session, helped by a strong 
advance in Gold issues and the 
continuing raiJy on tV'alJ Street. 

The Toronto Composite index 
rose 15.3 to 1. 502.8, the Gold 


Index leaped 237.4 to 2.120.1 as cents to HKS2.575. -despite on S 


bu H ion rose on news of the 
passage of the U.S. Tax Bill and 
continued worries about Mexico's 
financial position. 

The Metals and Minerals Index 
put on 15.3 to 1,441.3 and Oil and 
Gas 27.7 to 2,472.7. 

Systembou5e “A” were off 5 
cents at $1.65 — analysts are 
expecting it to lose up to 50 


per cent growth in net interim 
profit. 


Australia 


Gold firmed yesterday, after CJ n cr< 
the early jump in gold prices in JU, »' 
Hong Kong. Higbe 

Gold issues provided support support 
for Resources but Industrials trading. 


tents a share for the year ending eased as investors viewed with 
August 31, compared with last caution the overnight rise on 


year’s profit of 19 J cents. Wall Street after the record- 

breaking performances there 
Tokvn earlier this week. The Aii 

^ Ordinaries Index shed 1.2 to 

Mixed after fairly active trad- 46 ^- , „ , . 

ig, with a waiting attitude Brokers said a strong perform- 


Tokyo 


waiting attitude 


emerging ahead of the market ance from WalJ Street after the 


holiday 


Market 


the Blue Chip issues a rein Basic Avera?e rose a ‘ marginal 0.6S to 


iTharmoEloctron 14J, — 


Thomas Batts ... 

Tidewatar — 

Tiger Inti 

Tima Ine 


Industries which could be among 
ihe first to benefit from an 
eronomic recover:', and the 
activity in those stocks could 
reflect a growing conviction that 
the recession is ending. 

Retail stocks, another Cyclical 


6.96S.46 on a volume of 200m 
(210m ) shares. 


passage of the Tax Bill through 
the U.S. Congress would boost 
Australian Share Marker^. 
Rising Gold prices saw Central 


Blue Chips made scattered Norseman add 22 cents al AS5.66. 


iTimoi Mirror....- 40 


Closing prices for North 
America were not available 
for this edition. 


gains and non-Ferrous Metals 
rose .on the strength of the 
higher Gold price. 

Among non-Ferrous Metals, 
Mitsui Mining and Smelting rose 
Y8 to 316 and Sumitomo Metal 
Mining Y13 to 904. 


Shipyards and Steels were interim profits. 


Poseidon 13 cents at A92.SB and 
GMK 10 cents at AS4.30. 

Oil and Gas issues were quiet, 
with Santos down 10 cents to 
A84.75. 

Wool worths held unchanged at 
AS1.43 after reporting lower 


led the upswing in Banka. 

Union Book of-SwMgeriaA-sp 

Oerlihon Bnehrle moved ahead 
SwFr 45 to 85 ia- via f dfialerr 
described as a technical reaction 
after recent lows. 

In mostly firmer Indsuttiite. 
Ateliers de Vevey recouped 
Thursday's loss, - ' 

The Bond Market closed: mostly 
higher, with recent- Swiss J'ttmr 
Foreign Bonds seining : i on 
average. 

Dollar slocks ware .wghtTy 
above overnight Now -Vork 
levels, with Honsestaka : tip on 
rising bullion prices. • /'f 

Singapore -4%*.-.-..;. 

Higher on cwntinu8iF®ttjlng 
support in active AHetihv 
Trading. The Straits Time® 
Industrial Index rose BJ* to 
606.29. 

Hotels. Properties. Commodi- 
ties and the Second Trading 
Section were also higher in line 
with the general trend. . 

The SE InduBtnal-Conunercuil 
Index rose 5A7 to. 452-67. 

Johannesburg 

Gold shares closed sharply 
firmer in hectic trading, with 
other sectnrs f nil owing the 
trend, as the Bullion price main- 
tained its advance, but many 
edged off their highs on profit- 
taking. . 

Heavyweight Rawnaitaa 
gained R5 to R74. while Hartiw 
were up. R2J> at R61, after 
R6150. 


.... V 

v - - 


Timken. 4o»s 

Tipperary- • 4S* 

Tonka. — 154 

Total Pet B 

Trane 27 

Tranaamerica .... 194 

Transway 193, 

Tran* World. 184 

Travellers 183, 

Trlcentrol 64 


CANADA 


BELGIUM Continued) 


HOLLAND 


AUSTRALIA 


[JAPAN (continued) 


Aug. 20 


Price 4- oi 

Fra. — 


Aug. 80 


Price ■ + or 
FIs. ! — 


Aug. 20 


Aog. 20 


Trl Continental...! 19 j 187* 

Triton Energy 124 124 

Tjler ; 14 144 

UAL- ■ 173, 177* 

UMC Inds. ; 83, 84 

Unllevor N.V 654 642* 

Union Camp - <71, 464 

Union Carbide 467* . 454 


A MCA Inti 

Abltibl. .... 


Petronna..—. 4,510 +70 


As n I cq Eagiti-. .. 9.12 


Alcan Alumin..,.. 26sc 
Algome Steel.—.. 234 

Asbestos 104 

Bk Montreal 191* 

Bk Nova Scotia... 244 
Basic Rasourcos. 2.10 


Rovaie Belqe 5,050 

Sec. Gen. Banq.. 2,320' 
Soe Gen Beige— 1,146 

Sofina — 3,595 

Solvay 1,910 

Traction Elect ... 2,625' 

UCB 2.100 

VleilleMont 2.970 


5,050 + 20 
2,320 +20 
1,146 +6 
3,595 >96 
1,910 + 5 
2.625. +15 

2.100 

2.970 - 20 


ACF Holding 

Ahol d — 

AKZO 


; — ANZ Group ; 8-32 

78 —0.5 xcrow Aust -...-. 1.60 

Am pot Pet 1.18 

25.3 -v- 0 4 2 Aicn^, Putp Ftp 1,45 


ABN 243.5 -7.5 Audimco ... • 0.08 

AMEV- 86.5 +0.5 Auet. Cons. Ind... 425 

AMRO- 37.5 —0.3 Aust. Guarant. ...: 2.15 


AMRO- 37.5 

Brodero Cert 150.5 

Bo ska Us West-... 36.2 
Buhrmann-Tct ... 29.6 

Caland Hid s 23.3 


50.5 ...... I Auat. Nat. Ind*._. 2.15 

36-2 —0.3 I Aust. Paper — . 1.76 


— 0.03 Kubota. 

. .. Kumugal— ... 
.0.02 Kyoto Ceramic 

— Lion-. 

Maeda Const . 

-0.32 Maklta 

Marubeni- 

Marudel 

+OA1 Marul 


0.6 I Bank NSW 2.45*fl — 0.01 ] Matsushita .. .... 


Potlatch-. 22 4 

Prentice Hall ! 254 


Procter Gamble.' 903, t 893* 


Buoyrue-Erle ' 104 I 107* 

Burlington Ind ... 204 1 20U 
Burlington Nrthn. 35 > 36 u 

Burndy I 164 I 164 

Burroughs 324 . 324 

CB! Inds. 8 BSb *94 

CBS 38»* / 384 

CPC Inti- , 324 | 33 

Campbell Red L. 14 I 127* 
Campbell Soup— 345* I 363, 


1st Chlcago-.—i 17 4 
1st City Bonk Tex 184 
1st Interstate.... 244 
1st Mississippi.... 73a 
1st Nat, Boston.... 24 

1st Penn 1 34 

Fisona- , 6-, 


Lenox - 371* i 38 

Levi Strauss , 243, . 254 

Levltz Furntr 874 28 

Libby Owens Fd.‘ ZOS 8 204 

Uly lElll- • 471* ' 483* 

Lincoln Nat- 35 345*. 

Litton Inds ; 375* , 37** 

Lockheed ' 64 s* 55 f* 

Loews 874 874 


Lone Star Inds....: 217* 


Longs Drug Strs. 304 
Louisiana Land.... Si's 

Louisiana Pac 184 

Lawansteln 244 

Lubrttol • 15s* 

Lucky Strs. 133, 

MiACom. Ine I 144 

MCA • 617* 


Fleetwood Ent..., 184 


Campbell Tagg J 34 
Canal Randolph. 37 U 


Can. Pacific | 227* 

Carlisle Carp i 215* 

Carnation I 325* 

Carp Tech i 29i* 


Carter Hawley... 124 I 124 

Caterpillar 374 i 377* 

Celanase Corp... 447* • 444 


Floxi-van \ 205* 

Florida Pwr dc L_ 34S, 

Ford Motor. 24J* 

Foremost Mok..... 314 
FosterWheelar.J 104 
Freeport McM.... i 13 4 

Fruehauf • 154 

GAF i 93* 

GATX 1 234 

GTE Corp. i 293* 


Pub.Serv.E&G.' 221* 
Pub. S. Indiana... 237* 

Purex.. - — 

Pu rotator 294 

QuakarOate. 39 

Quanax...— - 74 

Quastor 134 

RCA 194 

Raison Purina.... 144 
Ramada Inns ...» 47* 

Rank Org. ADR .. 24 

Raytheon — 384 

Reading Bates .. 104 
Redman lnds....„ 137* 
Relchhold Chem 113* 
Republicbano .... 233, 


Union Oil Cal.... J 224 223* 

Union Pacific—. . 315* , 31>* 

Uniroyal. 7 74 

Untd. Brands - 6>* : 67* 

Unt. Energy Rss. 244 244 

US Fidelity G 36J* • 353, 

US Gypsum........ 314 31 s , 

US Home 153*. 143* 

US Inds— 84 85* 

US Shoe- _• 307* | 31 

US Steel ■ 197* 187* 

US SurgloaJ- ’ 22 I 2U 2 

US Tobacco 454 : 464 

US Trust. ■ M3* 545, 

Utd.Technoigs... 434 , <31, 
Utd. Telecomms.: 173, 173* 

Upjohn — -404 «2 

VF. 523, 334 

VarUn Assocs. ... 333* 37 

Vernitron. 8 8 


Bell Canada 

Bow Valley — 


Elsevier N DU...— 15 1 


25.3 -0.3 I Blue Metal 1.62 


BP Canada — 233* 


Brascan A 

Brinco. 

B. O. Forest. ....... 

CIL Inc 

CadlllacFairvIsw 
Can Cement. 


DENMARK 


Can NW Energy.. 274 


Andelsbenken.. 


Cdn Pacific 

Can. Pac. Ents... 
Can Tire - 


Chleftan 

Cominco 

Cons Batest A.. . 


MacMillan 134 J 134 


Cantei 284 ' 29 


Centex 234 

Central & Sw 164 

Central Soya 103s 

Certaln-teed 117* 

Cessna Aircraft.. 143* 
Champ Home Bid 27* 

Champ Int. 133* 

Champ Sp Plug- 73* 

Charter Co 84 

Chase Manhatt'n 334 

Chemical NY 304 

Chosebr. Pond... 337* 
Chicago Pneum.. I 14 
Chrysler— _77* 


Gan net i 363* 1 36 

fleloo ; 16S* | I 64 

Gen' Am Invest... 147> 143* 

Gen Cinema 455* | 454 

Gen Dynamios ...1 28 287* 

Gen Electric 684- 1 673* 

Gen Foods 374 I 374 

Gan Instruments! 27 | 27 b* 

Gen Mills • 435* 437* 

Gen Motors j 454 | 447* 

Gen Pub Utilities' 54 , 54 


Mac 353* j 36 

Mfors Hanover.... 27 . 29 

Manviile Corp.... 75* ; 71 * 

Map CO 22b* ; 227* 

Marine Mid 144 . 16 

Marriott— 374 1 374 

Marsh McLenn...' 324 ; 32 

Martin Mtta , 284 | 274 

■Maryland Cup.... 344 ! 341* 

Masco ; 334 1 344 

Massey Fergn. ... . 14 1 14 


Republic Steel... 164 
Retch Cottrell....: 10J* 
Resort Inti A. .—i I 84 

Revoo (DS7 1 30 

Revere Copper...: 85* 

Revlon...— ; 27 

Rexnord - 97* 

Reynold* <RJl 433* 

Reynolds Mtls. ...I 21 


Costaln — 


Mass Muitl.Corp. I 84 


Mattel I 


May Dept. Strs... 267* 


Rite Aid- J 334-1 33 

Roadway Exps... 434 J 42 

Robbins (AH) ! 134 1 W 

Rochester Gas...| 143, 144 

Rbckwell Inti _...| 334 I 337* 
Rohm & Haas.....! 6a I 513, 

Rollins —I 11 I 103* 


Gen Signal 1 323* 


Gen Tire 

Geneaco — . — 1 


Chubb —I 317* 


Cigna... ' 36 

Cincinnati Mil 215* 

Citicorp. ' 24 

Cities Service ; 427 B 

City Invest. 194 

Clark Equipment 21 1* 
Cleve Cliff* Iron.! 173 * 

Ciorox 135 b 

Clueltt Peaby .... 15 

Coca Cola. I 364 

Colgate Palm i?4 
Collin* Alkman...! 134 
Colt inds 1 24 


Genuine Parts....' 317* '■ 32 

Georgia Pac 164 1 I 64 

Garber Prod ! 207* 1 20i* 

Getty Oil 454 j <6 

Glddlngs Lewis... — — 

Gillette 373* | 38 1 * 

Global Marine..— 84 ! 81 * 
Goodrich iBF)...., 185* 19 

Goodyear Tire ...j 23 1* 1 237* 

Gould 237* j 237* 

Grace • 313* | 3 I 4 

GraingerVW.Wi..- ; 251* ; 384 


Maytag ! 31 

McCulloch 8 

McDermott (JR).. 154 

McDonalds i 73 1 * 

McDonnell Doug; 361* 
McGrow Edison- 257* 
McGraw-Hill 50 


McLea nTrukg ...] 17s* j 173* 


Mead 164 

Madia Gaol : 37'* 

Medtronic | 387* 

Mellon Natl ; 29-4 

Melville 474 

Me roan tils Sts. ... 70'a 


Merck 

Meredith... . 


Merrill Lynch 26 4 


Rolm 27 Is 263* 

Roper Corp— 104 H 

Rowan 84 84 

Royal Crown • 164 16's 

Royal Dutch ' 317* ! 304 

Rubbermaid. r 395* | 394 

Ryan Homes | 18 I 18 

Ryder System — , 33 1, | 334 
SFN Companies-' 213* ; 214 
SPSTechnol,gies| 124 12 1 * 

Sabine Corp 304 . 307* 

Safeco. 324 ( 32 1* 

Safeway Stores.. 347* 1 34i* 

SU Paul Cos 414 407* 

St, Regis Paper.., 203* 19T* 

Saijte Fe Inds. 173* | 174 

Saul Ihvast 6 1 64 

Sobering Plough, 324 ] 324 


Virginia EP 14 : 14 

Vulcan Matrls .... 404 ' 303* 
Walker (K) Ras ... 147* : 141* 
Wal-Mart Stores : 28** 277* 

Warnaco • 3H* • 31** 

Warner Comm*-> 361* 365* 

Warn er- Lam bt_. 207* < 30 >1 
Washington Port 361* 35 

Waste Mangt .—.! 337 * 1 324 

WelsMkts. 1 264 ] 27 

Wells Fargo 217* 217* 

W.PoInt Peppl— .[ 257* 351 * 

Western Airline. 1 44 45* 

Westn. Nth. Am..' 74 75* 

Western Union.-: 27 1 * I 284 
Westing house ._' 284 j 283* 

Westvaoe.. 194 19 

Weyerhaeuser...; 284 ! 274 


Dome Mines. .. 


Dom Stores 


Gt West Ufo 

Gulf Canada. .. . 


Hawk Sid. Can ... 


Hudson's Bay.... 


Whselobratr F...' 32 1* j 304 
[Wheeling Pitts...; 124 124 

Whirlpool : 33 t* 1 334 

White ConaoRd-. 234 | 344 

Whittaker-. 19 19 

Williams Co- 137* 1 133* 

Winn-Dixie *tr.. .. 36 36'* 

Winnebago 64 61 * 

Wise Else Power 24 • 247- 

Woolworth 184 l 184 

Wrlgley...— 347* [ 34 

Wyly ' 9i» | 91* 

Xerox— 3d* . 29.J* 

Yellow Frt Sys ... 143* | 14 s, 
Zapata 12 1 ZB la 


Irnasco 

imp Oil A 

Inco — 

Indat 


29 

29 

201; 

203, 

195. 

191* 

281; 

28 (« 

16i a 

1613 

38 

38 

191* 

191. 

39!* 

5B4* 

1« is 

14 is 

7ij. 

713 

3.20 

3.30 

6 

5i» 

1.16 

1.25 

204* 

205* 

85. 

71, 

(M 

•1 

(II 

3.10 

■ 29 ia 

30 

14 

14 la 

16U 

163* 

43 

441* 

Us* 

111* 

1.80 

1.80 

141* 

14 

1.80 

1.90 

. 

91* 

23 lj 

23 ig 


14 

18:* 

1BU 

5.37 

5.12 

493* 

42U 

264* 

26V. 


Baltics Skand 353.4 —0.6 

CopHandeltbank. 126.6 +0.2 

D. Sukkerfab ' 351.4 -3.2 

Danske Bank 126.6 +0.6 

East Asiatic- 87.6 -0.9 

Fornnde Brygg... 580 ........ 

Forende Damp... 391 +1 

GNT Hldg- 229 +2 


Ennia 122 

Euro Comm Tst. 74, 
GistrBrocades....' 77. 

Helneken 65 

Hoag oven* 14 

Hunter Douglas- 7 

Int Muller. 16 

KLM- 88 

Naarden. ‘25. 

NatNedeert 114 

NcdCred Bank..., 26. 
.n z Ned Mid Bank-... 101 

—52 NedUoyd , 104 

Oca Grinten 117 

_n’g Ommaren (Vanj- 22. 
* Pakhoed.. 36. 


122.5 -0.5 jBorol.. . ... 


Bond Hldgt- 0-98 


74.5 Bouganville— 1.34 

77.4 -0^ Brambles Inds.... 1.88 

65.3 +0.4 Bridge OH 2.45 

14.5 +0.2 BHP - 6.80 


-0.01 M'bishi Bank 

—0.09 M'bisbl Corp- ■ ■ . 
-O.B1 M'bishi Elect . ... 
-0 JK M'bishi Real Est 
- 0.02 MU , 

-o.m sSLvrror 


tX'l Brunswick Oil ... 0.15 
10 , --0.3 i>p, 3 28 

H'l + nt CSR • ' 2 - M 

\a Z Carlton* Utd 1.90 

«« Tno CastlemeineTys 3.60 
n?* 5 J, Cluff Oil t Aust ■ .. 0.36 
Do. Opts 0.10 


Jyske Bank m 1 - uu »““ »+■■* 1 _ 

Nord Kabel 136.0 +0.6 Rodamco 124.3 —0.6 I Endeavour Res... 0.16 


Philips 

Rijn-sehelde 

Robe co 


Novo ind.. 1.870 Rollnco.— 

Papirfabrlkker .. 77 j Rorento 

Privatbanken~... 122.4 Royal Dutch.... 

Provinsbanken... 119 Staven burg's.. 

Smldth iF.I_> 170.0 -1.4 Tokyo Pac Hg 

Sophus Berand - 565.4 -9.6 Unilever 

Buperfcw 83.6 -0.2 viking Rea.. ., 


Rorento 

Royal Dutch...,...' 
Siavenburg's 


101 

+ 1.2 

104 

-1 

117 

-1.3 

22.5 

+ 0.4 

36.7 

+ OJ 

24.9 

+ 0.5 

24 

*0.8 

202.5 

-O.b 

124.5 

-0.6 

194 

-0.5 

162.9 

-1 


Cockburn Cemt. 1.27 


Hartogen Energy 1.85 


+ 0.6 I Hooker 


74.5 -D.4 I ICI Aust 1.38 


+ 0.5 | Jennings 1.20 


Jimbalana'SBcfp 9‘ 15 


Vmf Stork..*. 

VNL- - .. m 

West Utr B»nn. 


FRANCE 


Aug. 20 


Empruntj;?, 197S 1,780 -20 

Emprunt 7^ 1976. 7,110 -120 

ONES* —'3,219 +14 

Air Llquide : 455 —4 

Acquitaine— 98.7 +'U 
Au Prirrtomps — .■ 137 . —1 


—0.5 Jones (Dj 1.40 

+0.3 Leonard Oil.. ..... 0.15 

+ 1 MIM 3.00 

+0.5 Meekatham 1.85 

Meridian Oil. 0.18 

■ ■■ Monarch Pet — 0.07 

: Myer Emp.. 1,33 

Nat Bank- 2.33 

News. - 2.05 

Nicholas Kiwi..... 1.28 
North Bkn Hill.... 1.95 


— U.M* UU« 

—°- m Mitsui Co!--™ 

Mitsui Real Est.. 

+0.08 MitsuKoshr. ..- 

—0.05 NGK Insulators^. 
—0.02 Nippon Denso-... 
—0.05 Nippon Cakkl.. .. 
+ 0.05 Nippon Meat . .. 

Nippon Oil 

+0.03 Nippon Shimpan. 

—0.05 Nippon Steel 

Nippon- Suisan.... 

NTV ... ..., .. 

Nippon Yusen-., . 

Nissan Motor .... 

Nissttin Flour.. .. 

Nisshin Steel 

— Nomura 

' « m Olympus. 

-“■J; Onant Leasing., 

-0.03 PKjneer 

Renown- 

• Ricoh 


... ..... Sapooro 

+ 0.02 Sekisui Prefab .. 

— Sharp- 

Shisa'do 

Sony 

Stanley .. 


Price 

Yen 

+ or 

329 


365 

+ 8 

3,750 

-«£ 

352 

-10 

506 


699 

'+4 "" 

272 

+ 1 

324 

+ 3 

815 

-15 

. 990 

-10 

455 

...- 

. 500 


472 

+ 2 

227 


404 

-1 

. 170 


299 

-4. 

570 

—4 

319 


436 

— i“ 

978 

+ ii 

611 

-5 

355 

.......... 

829 


635 

-5 ” 

129 

+ 1 

235 

, 

3,950 

+ 10 

219 


720 

-1 

321 : 

—4 

140 ' 

— 4 

591 


995 

+ 8 " 

1.350 

-20 

1,370 


612 

-2 " 

535 

-8 

369 

-6 

231 

-3 

646 

-2 

872 

-3 

855 


5.120 . 

-50" 

332 

- 2 

209 

+4 




i ' N 

L »* 


l!iW i 


Aug. 20 ' Price +or [ Oakbridge 


Inter. Pips • 187* 


Mae Bloedel 19s* 

Marks * Spencer 8U 
Massey Ferg.. ... 2.1B 
McIntyre Mines.. 27 

Mitel Corp 213* 

Moore Corp 375* 

Nat Sea Prods A 7 


BIG 450 

Bojwues- ',£??, : Tf- FTat 1.76B +84 Sleigh 'HCi ... 

Ha* ' i? Flnalder- 36 +-1 SouthlandMir 

Carrefour... — 1,425 +7 invest- 2,518 —62 

CrubMediter-." 1 508 ‘ +-1 KaioamSiitl ” 2B.320 -4B0 Spa n„txM. 

SSS«=d x * :» sBSf== oe Ilf H"“-- 

aass=i 155 . aor SSts=.- SSI “£& 

Coflmeg ,.i 118.2 —0.7 SniaVIseosa if _ 728 -28 Waltons 


137 ; 

-1 

450 : 

+ 12 

640 1 


1,310 ; 

+ 2 

1,425 

+ 7 

508 

+.1 

531 . 

+ 1 

139.5 

+ 1 

174 


299 : 

+3.5 


Assicur Gen 159,200 

Banca Com'le .... 52.200 

Bastogi IRBS • 79.0 

Centrals 3,225 


Ure — otter Exp! 0.36 

Paneon • 1.25 

159,200 + 1525 Pan Pacific 0.09 

52.209 + 100 Pioneer Co 1.17 

79.0 + 4.6 Quean Marg't G. 0,10 

?■??* “ Beckltt*Colman 1.70 


Taihol Dengyo... *48 

—0.02 Taleei Corp 229 

— 0.0 ■ Taisho Pharm.. .. 576 

Takeda 790 

+0.07 TDK- 3,940 


Credito Varesino 6,490 — 110 1 Santo* 


1.769 +64 


2,518 —62 


Sleigh (HG\ 0.80 

Southland Min'g. 0.24 


-0.05 Teijin 211 

-0.01 Tdkoku Oil 890 

— 0.00 Tokio Marine..... 419 

TBS 406 

... . . Tokyo Elect. Pwr. 820 
-0.01 Tokyo Gas -I 105 


+ 0.0 1 1 Tokyo Sanyo 390 —l 


Tokyu Corp • 

Toshiba 

-0.02 TOTO 

-O.M Toyo SeiKan 

. .. . Toyota Motor 


Creusot Loire-...! 75 —0.5 

CFP J 99.7 +0.7 

DNEL 1 42.4 +1.2 

Dumaz 1,110 + 1 

Gen, Occidental,. 370 ; —5 

l metal- 1 47.6 —1.0 

Lafarge- 19 2 . +0.5 

L'Oreal 894 , —.3 


Indices 


NEW YORK 

I *sr\ \ u i 


-DOW JONES 


Aug '• Aug. Aug. 1 Aus 
17 j 16 I 13 [ IS 


'Since Cmpll't'n 


High ! Low 


'I : | 1 J , 1 I 

Blndustr'lal 8II.B7! 8M 1 «4S»l 1 J4;7S8.4i l 78BJ)6 776.Mi 882J2 77BJ2 1051.70 1 41.22 
J , i : 1 I 14/11 (Mill '(11/1/75) (2/7/52) 

H'ma Bnda. B2.04 1 82.72 B7.5S! 80.60.60.06,' 6 O.I 81 62.12 ! 65.07 I — 1 — 

I ; - I ! iiB/8i I iiwi ' ! 

Transport. 574.82 1 B76.02 314 J2 208.51 235.43] 292.1H 588.46 282.12 ' 447.68 ' 12.52 

I I . 1 1 (7/1) (12/8) (18(4/81) (8/7/52) 

Utilities. —. 212.17 1 11. 70 112.26 107.65 106.611 104.20' 11646 105.22 185.52 104 

j | I I | i (7Aj (50/7) (SI/4/68) (28/4/4!) 

TradlngVol< 1 j I 1 ! J 

000-r ; 7S 1 *7B'in,«*D i l ®2 1 8a 98, «0 44,721(50,080: — j — , — — 


* Day's high 848.93 lew 824,49 

> Aug. 13 


Indust'l div. yield X 


July 30 Year ago (Approx 



Noranda Mines... 1SS* 


Nthn. Teleoom...' 451* 

Oak wood Pet 12 U 

Pacific Copper— 1.12 

Pan. Can. Pet 77 

Patino 19 

Placer Dev. 13i* 

Power Corp.. • 95* 

Quebec Strgn— . 3.30 


42.4 + 1.2 
110 - +1 
70 ; —5 


•5 I Toro ASsle 12,590 -260 1 Western Krining.l 3^15 

.7 I do. Pref 9,560 - 149 1 Woodside Petrol 0.68 


Southland Min'g. 0,24 Tokyu Corp • 205 +1 

Toshiba 2B5 

Sparges Ex pi- .. O.lB -0.02 TOTO 395 

Thos. Natwide . 1.42 -O.M Toyo Selkan 415 +4 

Tooth'..'. 2.88 . .. . Toyota Motor 850 . -j 16 

UMALCons. 1.98 Victor 2,090 .50 

VaJientConj 0.08 I . .. Waeoal— 670 — 

Waltons 0.62 -0.02 Yamaha 640 +T 

Western Mining. 3.13 -0.01 Yamasaki 511 -5 

Woodside Petrol 0.68 —0.05 Yasuda Fire 217 -6 

Woolworths 1.43 Yokogawa Gdge. 445 


Waltons 


Woolworths | 1.43 

Wormald Inti j 2.40 


Ranger Oil 6i« 

RcedStenhsA — • 11 ■■ 

RioAlgom- —* 51)* 

Royal Bank. 22 1 * 

Royal Truico A... 12** 

Sceptre Res. 75* 

Seagram 62 

Shell Can Oil ' 18s* 

Steel of Can. A...., 181* 


Leg rand.. ,1,405 

Machines Bull....: 26 < 

Matra ,1.420 

Michelln B 591 

Moet-Hennessy... 730 - 
Moulinex 51,9. 

Pernod Ricard ..... 367 


Perrier - I 173.5: -0.6 


Peugeot-SA 129 

Poelain 102 

Radioteoh 286 

Redoute 875 

ffoussri-Uc/af — -1 253 
Skis Rosalgnol ...• 505 
Telemech Elect 700 
Vaieo 171 


Teck B : 7.62 ! 7.50 


65.1 112/1) 
97.7 (4/1) 


Texaco Canada..' 29 1* 
Thomeon NewsA: 19 t* 
Toronto Dom Bk. 27 
Trans Can Pipe.... 18** 

1 ransMntn. OilA. 7i* 
WalkenHi Res...... 18!* 

Wastcoast Trans 13s* 
Weston (Gao< 501* 


GERMANY 



SINGAPORE 


Aug. 20 


Price + or 
s — 



SOUTH AFRICA 


AGA...- 1 200 

A I fa -Lava I ■ 216 

ASEA tFreei 181 

Astra 469 

Attaa Copco - 88, 


Price + or 
Rand — 


Aug. 20 


+ « MSSSr Ul 


88.5 -0.5 


STANDARD AND POORS 


Aug Aug 
18 . 17 


IS! nee Cmpll't'n 


GERMANY •. i 

FAZ-Aktien (51/12/58) ' 218.81 216.18 217.28 214.B6: 

CommerzbanWDecISBJ) 1 668.1 ' 666.7 : 858.6 ' 550,2; 


| High J Low j High 


tlnduefls ..j 121.54 IZOJB' 121.23, 115.741 IIS.B2; 1 14.0S> 157.28 | 114.08 I 180.98 • 5.62 AN 

* ) ill . 4/H : tMl |2I/ 1 1/80 (50/5/52 _ 


HOLLAND 

ANP-cbs General (1970) 
ANP CBS IndUSt (1870) 


: 6OT.6 

' 560,2; 

l 06.2 

! B4 A . 

[ 87,* 

; 66.8 • 


259.46 (6/4) 
729,8 (5/4) 


214JI8 (17/1) 
GM.2 n7/8i 


AEG-Tefef.. 32.9 

Allianz Vert 430 

BASF 113.3 


Cellulose 222 

Electrolux B 83 

32.9 +1.8 / Ericsson ; S 34 

30 +0.5 j Esse Its' Free) ' 149 

Fagersta 152 

FortiaiFree) 171 


JAPAN 


Aug. 20 


Price + or 

Yen — 


Abercom . . 
AE&Cl.. . . 
Anglo Am. ... 
Anglo Am Gold 
Ancle Am Prop 
Barlow Rand 

Buffed ....: 

Cna invest 

Currie Finance 



8E.S (18/5) 
74.8 (10/6/ 


84.0 (S/1) 

85.2 (4/1 j 


AUSTRIA 


BAYER . 106.2 +0.7 Portia iFree) ZZ 

Bayer- Hypo — —.. 209.5 +0.6 I Mo 0 ch Dom 


♦Comp" site 1 106.16 108.55, I09.M. IM.OB 108.3Bj 102.4! 192.74 • 109^2 j 140.5! : 4.407) 
I ■ 1 (4/1) ! 1 12/8) <28/11/80,1/5/52) 


Indust'l div. yield % 


I Aug. IB . Aug. It 


1 Year ago (approx 


HONG KONG I ' ' 

Hong Seng BanK(5T/7/64|lB54.68'1055.65:i841.05'.97a.8sl 


1445.52 (12/1) 857^8 (ll/Si 


Prlee + or 


Bayer-Verein 271 . — 3 

BHF-Sank. — . 201.5, +1 

BMW, 179.5x1 +1 


—3.5 j Saab Scania !!"' 133 
+ 1 j Sa ndvik B iFreei 167 

• < •Skandia,.....- ’ 525 

Skan EnskikJa..,. 217 


ITALY ||, 

Banca Ccmill ltaU197S) j 175.61; 175.01 165.78. 164. 2J2.BH 1.13/5) 


trrja (22:7) 


indust'l PIE ratio 


Long Gov. Bond yield 


JAPAN" 

Dow Average (16/6/49) 
Tokyo NewSE (4/1/W) 


Creditanstalt—.. 210 +10 

Landerbank 180 | 

Perl mooter 37 1 


Brown Beveri-... 182.5 +5.5 If KM EMIBWl-. J17 

Commerzbank... 119.9 + 1-9 | 

Conti Gummi— ... 45.3 +0.3 |St Kopparberg... 258 

Daimler Ben*-.-! 299.5 -2 
Deauaea.-.. - 210 +2 


Sw>n Handeisbn.. 108 
Swedish Match., 116 


.0.8 | Volvo B (Free!- . 


'6969^6 '6967,78 6880.81 6884 Jfii 7928.56(27/1) i E864.U (17/8) 
i519.il ! 518.64 519.48, &11.52; 555^8 (27/1) j 611^2(17/8) 


Sempent 63 

Steyr Daimler .... 140 

Veitscher Mag... iso 


4 n I D'sche Babcock. 156.5 +3.5 


NY. SX. ALL COMMON 


Rises and Falls 

Aug 19 Aug 18 .Aug 17 


NORWAY 
Oslo SB 1 1/1/72) 


116.46: 116.28, 116.14 114.45 150^9(2671) 1 199.12 (1/4) 


l ■ AOD41 

Aug. Aug Aug. Aug. —I— 

Jfl I 18 17 16 . Nigh Low 


Issues Traded -1,918 >1,975 1,810 


62.57,62, 3262^1 69.75 71^0 


RiBes 782 

Falls 714 

Unchanged- 422 

New High*. 49 

New Lows 22 


782 ;1,236 ! 1,562 

714 486 I 151 

422 253 2D5 

49 206 | 112 

22 10 ■ 57 


fflNGAPORE 
Straits Times (1968) 


888,28.' 687J5I 582.15 SSl.Uj 819.78(671)' 567 J17 (19/8) 


SOUTH AFRICA 
Gold (1958) ' 
Industrial (1968) 


- 61 U I 61SJ5 ; 494.1 

— ! 588^ I 685 J V B79.7 


KU (571) 
711.7 (671) 


£55-5 (B/T) 
657.5 C2S/8) 


BELGIUM/LUXEMBOURG 


Deutsche Bank...' 257 +1 

DU Schultheiss...; 154 + 1 

Dresdner Bank—< 124 +3.5 

GHH — 1 17B ; +2 

Hapag Lioyd [ 46 

tfoeefist- [ 206 +1.3 

HOesch - 29.9 +0.4 

Hoizmarn (P)...-> 395 , —5 

Horten ' 115,5 +l 

Kali imd Salz. — 144 +8 

Kantadt — I 808.6, +0.3 


SWITZERLAND 


Aug. 20 


AlUBUiSSO 403 +8 

Brown Bovari — 860 +25 

Ciba-Geigy - ' 1.240 +:5 

do (Part Certs)- 1,020 +£5 

Credit Suisse 2.620 +30 

Eroktrowatt 2,225. +25 

Flsoher I Goo) -... ‘ 380 —10 


MONTREAL 


SPAIN 

Madrid SE (58712/81) 




89,99 MJS, 167,45 (9/9) BBJ1 (11/7) 


Aug. 90 


SWEDEN 


Price i + or 
Frs. i — 


KHD— 1 IB3 

Kloeckner— 50 


181,7 +1.7 


Ajinomoto 

Amaefa 

Asaht Glass 

Bridgestone 

Canon 

Citizen 

Dale! 

DKBO 

Dal Nippon Ptg... 
Daiwa House. . 
Dalwa Seiko. . . 

Ebara 

Eiaai 

Fuji Bank 

Fuji Film 

Fujisawa 

Fujitsu Fanue.... 

Green Cress- 

Haeegawa 

Heiwa Real E*t— 

Hitachi ... 

Hitachi Koki . ... 

Honda 

Houaafood 

Hoya .._ 

Nch tC» 

Ito-Ham 


D« Beers 

"75 I Drielontem -.. 


425 —5 

440 -S 
*20 

809 -3 

279 -3 

602 

<84 

608 -1 
587 +2 


FSGeduld 

Gold Fields SA... 
High veld Steel.. 

Kloof 

Nedbank 

OK Bazaar* 

P/otea Hldg* 

Rembrandt 

Rennies 


5.72 -22 

38.0 -l.fc 


35.5 -1,9 

82.5 - 1,7* 
4.5 

37.25 -3.5 


390 j RUstehburg 


Sage H/dg..,. 
SA Brews . 
Tiger Oats. ... 


6.45 - 0,15 

IB 

2.55 

13.0 - 1,5 

«.l ... 

4.15 -o,:s 


2.45 .. 
4.50 -0.65 


Tonga*! Huletts.. 7.25 


19.25 +0.U- 


i54 

606 

500 

1.540 —40 

1,300 - +10 
3.750 - 100 . 

1 «52S ;■ -1 financial Rand USS0.76 

(Discount of 11}%) 


BRAZIL 


Aug. 20 


Price + or 
Cruz — 


68.5 — 2!& 1 ^ I Ito-Yokado 


industrials 1 268.08! MS.9&' 5B8J8| 155.79: 582.78 (4.1) 
Combined ! 266 ja. 265.7 1 1 247.741 243.44 51BJ8 *4.1, 


; 248.68 (21/6) 
I 257.27 (21/fi 


Jacobson A P. (1/1/68) , 916.98 817.8 1 : 817.341 610,84! mjU (22/1) - 663,52 (29/4) 


TORONTO Composite! 1487^1 1471 


.el i4»g[ 


1404.4: 196E.3 (4.1) 


1552.2 (7/7/ 


SWITZERLAND J I 

Swiss BankCpn/5 1/12^8,1 241.1 ; 136.6 , 240.2 237.0 , 


292.1 mm 


ARBED : 1,042' +10 

Banq Int A Lux...; 4,ioo 

BekaartB 2,135 +S 


5 X.~: ::i sts*- tp iMqff-Rocho mo: 5775 +w 


217,0 (17/8) f Clment BR-_ 1,500 —5 


Thursday Stocks Closing 
traded price 
Cities Service. 2.370,500 42 7 * 

Gen. Motors- ■ 1.588.800 45‘i 

IBM 1.361.100 66 

Sears Roebuck 1. 123. 000 20** 

Am. Tel. & Tel. 1,086.500 551* 


NEW YORK ACTIVE STOCKS 

Change 


ScMumberger 

Exxon 


— Nthn. Ind. PS S53.70Q 


Change 

Stocks Closing on 
traded pries day 

990.600 32'. - *• 

982.000 27 1 . + >, 

853.700 12 + H 

848.400 24 ~2 

751.400 12*. + h 


WORLD 

Capital Inti, (lrl/701 


IS.fl l 125.1 I 147.2(4/1] 


(■•) Snurday Aug 14: Jepsn Dew 88S4J7. TSE 616-87. 


Bess values oi ill indicee ire 10Q except Australia All Ordinary and Meta la— 
Sm. NYSE All Common— 50; Standard and Pour* — IQ; an d Toronto— 1J700; the 


ten namad based on 1975. \ Excluding bends. 8 400 fndunrieia. 

industrials plus 40 Utilities. 40 Flnanclels end 20 Transports. c 
u Unavailable. ■ 


Cockerfll 132 + 1 

EBES I 1,775 -26 

Eleet rebel.- 4.260 +10 

FabriqueNat • 2.655' —95 

G.B. tnno i 2.610. 

GBL *BruX)_ 1,358 +8 

Gevaert ■ 1,730 +5 

Hoboken ' 5,250 +10 

Intercom 1,400. —10 


Lufthansa...,. 71 , +1 

4 AN : 156 : +6 

Majinumann — i 129.7 +1.4 

Meroedea Kig— . 275 +4,1 

MetaUgesseil 194 -0,5 

Muench Rueck.,. 640 

Preunag 178 +3 


Interfood- 5,600 

JelmoH - 1,340 

Landis A Gy r 660 

IVcette.... 3.200 


+ 4.i 

-0.5 ] Oer-Buehrle. 

| Pirelli 




660 + 20 

3.200 


925 -45 
214 -i ' 


Rhein West Elect 169.S +X.8 iSandoz '.PtCts-- 


Rosenthal- 220 


Sahering 


1,750 + 5 filemen 2X8.5 


... .SchindienPtCtei 

+ 1.5 (Swissair.^. 

+ 0.4 I Swiac 8ank. 


3.950 
539 ♦s'" 
255 —io 


5 400 I Kredletbanic— -J 4,130; 


Varta 1<4 


79.5 V 1.8 I Swiss Ramscc. . 


Pan Kjdga— i b,030< - 40 


Veba-^ 

Vercin-West — 
Volkswagen- 


624 + 4 
275 -3 

6,075 

960 +5 


50 JACCS 

100 JAL 

. Jusco 

20 Kajima 

— Kao Soap . .. .. 

45 Kaahiyama ...... 

i • Kikkoman 

Kinn 

. Kokuyo.. 

1Q Komatsu 

4 Komatsu Fhft... 

, Konrshiroku 


kcasita 

Sanco Brasil,.. ... 

Selgo Mm 

Sranma PP 
-Oja* Amer 
Wannasmann op 

’etrobra* pp 

iouza Zru: 

Jhipar PB 

fale R<oDoce_ 


1-30 

14. BO +O.K 


3.00 -0,!0 
7.10 +0,18 

^ n 84 


11.19 -O.M 
8.00 . 


15.10 -0.78 


Turnover Cr. 2ra.3.it. 
Vg : un*“. igg Cf* 
Source. fi:o tie J*ne:ro SE. 


Swiss VolkebK.... 980 +5 

—0,1 (Union Bank 2,795 +30 

(Winterthur.. 2,075. +zs 


135.3. +2.3 (Zurich ine__.._» 14,000 


NOTES— Prieee on this peat ere as cueeatf mi the 
in dividu al ex U ia n g e a and are lest traded prieee. t PeWlBW 
■uwmded. adEx dhrideqd. xcEx Krip tuu*. wEx righto. 





\ AJS> 








Financial Times Saturday August 21 1982 


1 ):. 


vjoipanies and Markets 


INTERNATIONAL COMPANIES and FINANCE 




r .. i7 


Wool worths 
jarnings 
lecline 
iharply 

By Lachlan Drummond !n Sydney 

JET EARNINGS at Wool- 
norths. the Sydney-based 
eta Her, dropped by 20.35 per 
ent in the half year to July 28. 
ignalling a tough period for 
he retail industry; 

The drop from A$16.12m. to 
l$l4.45m f US$1 4.03m) came on 
ales 14.2 per cent ahead from 
VS 1.22 bn to almost A$1.4bn. 

The end result— after adding 
iack minority interests of 

*$735,000 compared with : 
*$716.000 — reflected 'a sharp ' 
rontraction in profit margins. 1 
Interest charges for the year 
limbed from A$2.38m to 

*$4.25m while investment and 

ither income doubled to 

■*$5.23m. 

At the pre-tax level, the 
lecline in earnings was a more 
■narked 12.47 per cent from 
AS29.51m to AS25^m. At the 
attributable level, the fall was 
moderated to 6.2 per cent to 
AS 15.37 m 

The company has held its 
interim dividend at 4.5 cents a 
share. 

Growth slows 
at Hang 
Seng Bank 

By Robert Cottrell in Hong Kong 

THE HANG SENG Bank, a 
quoted subsidiary of the Hong- 
kong and Shanghai Banking 
Corporation. has reported 
interim profits 19 per cent 
higher at HK$269.5m 
(US.$44.5m) against a prior 
year HK8227.4m at the halfway 
stage to the end of June. 

. The accounts are prepared 
with the benefit of limited dis- 
closure, and the figures reflect 
profits after tax and transfer to 
inner reserves. 

The interim dividend of 58 * 
cents represents a 21 per cent 
increase over last year's 60 cents 
distribution, after adjusting for J 
an intervening one-for-four 1 
scrip issue. 3 

The HK$594.4m profits which 1 
the Hang Seng Bank reported ' 
for full-year 1981 reflected a • 
36 per cent rise over .the prior ] 
year’s earnings. A trend 
towards slower growth this year i 
has been seen in other local j 
banks' results. ( 


Fall In bearings profits 
leaves SKF 21% lower 


BY WILLIAM DUOFORCE, NORDIC EDITOR, IN STOCKHOLM 


SKF, the Swedish roller bearing 
and engineering group, yester- 
day reported a 21 per cent slide 
in its pre-tax profit to SKr 404m 
($66 . 2 m) in ' the first half. Sales 
advanced by only 7,8 per cent 
to SKr 7.35bn compared with 
the first six months of 1981. 

Second quarter earnings 
were SKr 160m against 
SKr 256m for the second 
quarter of 19.81 and SKr 244m 
for the first three months of 
1982. . . 

The principal factor in the 
profit setback is a sharp fall 
from SKr 505m to SKr 305m 
in earnings on the bearing 
operations. A slack market and 
stiffer competition prevented 
SKF from taking out price 
increases, so that sales of bear- 
ings rose by only 4 per cent to 


SKr 5.2 7bH- . 

U is “probable," SKF says, 
that the pre-tax profit for 19S2 
as a whole will be lower than 
last year's SKr 805m. 

At the half year SKFs order 
bookings gave no indication that 
an improvement was on the way. 
The high interest level was 
restraining customers from mak- 
ing stock and capita Unvest- 
merits. 

The pre-tax profit, struck 
before unspecified exchange 
differences, is equivalent to 'a 
return per share of SKr 9 J50 
in -the parent company against 
SKr 12.25 for the first half of 
1981 and SKr 19.20 for 1981 as 
a whole. 

The rise izz production costs 
was kept in check, but charges 
for marketing and administra- 


Greatermans slips into the red 


BY OUR JOHANNESBURG CORRESPONDENT 


GREATERMANS STORES, the 
South African retail group 
which manages the country's 
largest supermarket chain. 
Checkers, reports an unaudited 
attributable after-tax loss of 
R&4m . ($29. 5m) for the year 
ended June. 

In the previous year, the 
group produced an audited 
profit of R13.4m ..on sales of 
R874m. 

Control of 37 per cent of 
Greatermans voting shares was 
acquired by Kirsh Industries at 
the start of 1982, since when 
there has been a series of dis- 
closures abont poor manage- 


ment In the wake of these 
disclosures, Kirsh renegotiated 
the price at which it was to 
take control of Greatermans — 
down from R25 per share to 
R15. Kirsh is still locked in a 
legal contest with the previous 
management. ■ 

The retail group has closed 
several department stores and 
has sold its Ackermans chain. 

Greatermans’ managing 
director. Mr Gordon Utian. 
believes that the action taken 
over the past six months has 
laid the foundation for 
recovery. He says that the latest 
accounts reflect Kirsh. wishes to 


Syme six-month advance 


BY OUR SYDNEY CORRESPONDENT 


NET PROFIT of David Syme. 
the publisher of The Age news- 
paper in Melbourne, advanced 
by 7.S per cent to AS4.13m 
(U.S.$4.01m) in the year to 
June 27 despite a decline in 
profits in the second half. 

Turnover for . the year 
advanced by 23.5 per cent to 
A$i 13.56m while the 2.4 per 
cent dip in profits to A$1.5Bm 


in the second half came on a 
sharp fall in classified advertise- 
ments in the final quarter. 

At the pre-tax level, Syme’s 
earnings were up from A$6.62m 
to A$7.49m. 

An unchanged final dividend 
of 5.75 cents has been declared 
for a total ahead from 10.5 cents 
to 11 cents. 


eliminate uncertainty and to 
have an accurate base against 
which future operations can be 
assessed. 

Sales for the year amounted 
to Rl_13bn for operations still 
in existence and to R72.34m for 
operations since sold or closed 
down. The comparative turn- 
over figures are R873.8m and 
RISO.Om. 

Losses per share were 147 
cents, rising to 599 ■ cents 
including extraordinary items 
and adjustments relating to 
previous years. The dividend 
is 15 cents, down from the 85 
cents paid for 1980-81. 


Norway paper 
group deficit 

By Our Oslo Correspondent 
NORSKS SKOGINDUSTRIER, 
the newsprint, packaging, pulp, 
chipboard and timber group, 
made a loss, before year-and 
allocations, of NKr 5m 
($746,000) in first half 1982. 
compared with a profit of 
NKr 15m— despite a rise in 
turnover to "NKr 913m, from 
NKr 761m. 


tk>n advanced from 19.1 per 
cent to 21.3 per cent of sales, 
resulting in a SKr 135m fall 
in trading profit Net financial 
charges, however, were reduced 
from SKr 224m to SKr 196m- 

Th e bullish elements in 
SHF’s result are the improve- 
ment from a Joss of SKr 51m 
to earnings of SKr 4lm on its 
steel products and a SKr 18m 
advance to SKr. 25m in the 
profits made by cutting tools. 
Steel sales climbed from 
• SKr l.lbn to SKr l.3bn, most 
of. the increase deriving from 
higher prices. 

Group investments amounted 
to SKr 239ra during the period, 
up from SKr 201m'. At the end 
of June, group liquid assets 
totalled SKr 1.3bn against 
SKr 885m. 


Exports 
boOSt • •:•# 

1 '■ *■ V- 1 .' ■ 

orders 
at GHH % 

By Jatpes Bo chan In Bonn 

GHH, the West German 
mechanical engineering group 
which is (he largest in 
Europe, reports an 11 per 
cent rise In orders booked In 
the year to the -end of June 
thanks largely to buoyant 
export business. 

- The group warns, however, 
in its latest shareholders’ 
letter, of a general weaken- 
ing of overseas demand' In the 
last quarter. 

The group said that order 
intake in 1981-82 bad In- 
creased 11 per rent to 
Dffll9.9bn (58m) with orders 
In. hand at the end of June up 

6.2 per cent to DM 18.1bn. 
Sales rose by 1X2 per cent to 

DM 18. 9 bn. 

Export business helped to 
make up for weak demand at 
home, with foreign orders in 
hand at the end Of June up 
10.3 per cent against a 5.3 per 
cent decline In domestic 
bookings. Foreign sales rose 
by 24.7 per cent domestic 
sales could only manage a 

1.2 per cent improvement 
Export business accounted for 
76.5 per cent of orders In 
baud at the end of June 

The group said tbat. earn- 
ings in 1981-32 had not kept | 
pace with the growth in sales. ; 
because of higher costs and 
the greater risks associated 
with overseas business. 

However. GHH has already 
announced that It proposes to 
nay a 14 per cent dividend on 
its ordinary — unchanged from 
last year- 

Rise at Asahi 
Breweries 

By Yoko Shibata in Tokyo 

ASAHI BREWERIES. Japan’s 
third largest breweries im- 
- proved unconsolidated oper- 
ating profits by 8.7 per cent 
to Y162.1bn ($628.3m) in the 
first half ended June 30 
thanks to increased selling 
prices. 

Asahi’s unconsolidated 
half year net profits ' were 
Y79.2bn, up 0.6 per cent, on 
sales of Y102.85m, up 6.9 per 
cent. Per share profits were 
3.58, compared with YX56. 


Petrobond trading 
halted in Mexico 

BY PETER MONTAGNON, EUROMARKETS CORRESPONDENT 


TRADING OF petrobonds on 
the Mexican stock exchange was 
baited yesterday as a controv- 
ersy broke out over the ex- 
change rate at which the bond 
issues, which are linked to the 
dollar price of Mexican oil. 
would be redeemed. 

The Mexican authorities an- 
nounced on Thursday that a 
peso 5bn issue maturing on 
Monday would be repaid on the 
basis of pesos 69.50 per dollar, 
the rate at which Mexicans can 
draw funds but of dollar de- 
nominated bank accounts. 

As the capial value of the 
bonds is linked to the dollar 
price of oil, investors have 
used them as protection against 
any devaluation of the peso. 

But for foreign investors, the 
protection no longer works 
under Mexico’s three tier ex- 
change rate. They would re- 
ceive 69.5 pesos per dollar on 
maturity of the bonds, but 


could only exchange those pesos 
back into dollars at. the much 
lower free market rate. 

The halt in trading was intro- 
duced pending clarification of 
this point 

Meanwhile, a meeting of 
noteholders of the private 
sector Grupo Industrial Alfa's j 
$75m floating rate note was ' 
adjourned yesterday till Sept- 1 
ember 29 because of lack of a 
quorum. Bankers who attended 
tiie meeting said there is now 
no certainty tftat Alfa will meet 
a payment due on the notes on 
September 20. 

Elsewhere, Banco Nacional do 
Mexico's S150m credit for the 
United Mexican States hung in 
the balance yesterday ahead of 
the outcome of rescheduling 
talks Jn New York. A 8300m 
credit for Pemex led by Banco 
Urquijo of Spain has also been 
put in abeyance. 


Dutch mortgage bank 
returns loss of FI 50m 


Spending 
to rise * 
at Norsk f 
Hydro f 

By Fay G jester in Oslo 

NORSK HYDRO, Norway's ■ 
largest industrial concern, faces . 
an intense period of capital 1 
spending, obliging it to seek 
new, long-Term finance, says the 
half year report. 

Additional funds are needed 
to pay for new offshore projects, j 
several major land-based invest- 
ments “and the large eon- . 
rractual repayments 
. Recent capital raising exer- 
per cent down at NKr 430m 
l §64. 2m) rights issue in June, 
have left liquidity in good shape 
With undrawn medium-term 
bank credits available equiva- 
lent to NKr 3bn. , 

per cent down at NKr 489m, 
compared with NKr 566m. 
Petroleum and fertilisers con- , 
tinue to make the biggest con- j 
fribution to profits, with most . 
other business activities show- 
ing poor results. * 


BY WALTER ELLIS IN AMSTERDAM 


AN INTERIM half-year state- 
ment from WestJand-Utrecht 
Hypo theek bank, the leading 
Dutch mortgage bank, reveals a 
loss for the six months to the 
end of June this year of FI 21m 
($7 .7m) against a profit last year 
of FI 4.2m. 

Westland was recently saved 
from the threat of bankruptcy 
by the intervention of Nationaie 
Nederlanden. the insurance 
group, and the Dutch Civil Ser- 
vice pension fund, which jointly 


added FI 300m to its ailing capi- 
tal base. 

The loans division of the bank 
achieved a positive operating 
result of FI 3S.8m in the first 
half, compared with FI 47m ip 
the opening six months of 1981, 
but the key property division 
incurred a loss of FI 35m, 
against FI 37m, and the result- 
ing small profit of FI 3.9m then 
disappeared into the FI 25m 
addition to the provision for 
debt. 


More lay-offs at SSIH 


BY JOHN WICKS- IN ZURICH 

SSIH, the troubled Swiss watch 
group which last year was 
forced to lay-off .750 workers, 
plans to accelerate its 1982 
programme of labour cuts. 

The company says that 
between 300 and 400 jobs will 
be scrapped immediately due to 
unfavourable market conditions 
and the need to bring its 
finances back to an even keel. 

Most of the redundancies will 


affect the Omega plant in 
Bienne. The Omega division, 
which last year accounted for 
some 46 per cent of group turn- 
over, remains in loss despite 
substantial reorganisation. 

SSIH, which was last year 
rescued from a severe financial 
crisis by the injection of 
SwFr 300m 1 8144.2m) of hank 
capital, has already cut its pay- 
roll by 150 in the first quarter 
of this year. 


Bank America 
contests ruling 

By Paul Taylor in Now York r 

BANK OF AMERICA' is to 
appeal against a Californian ■ 
court ruling that it must pay 
SlOlm in compensation and 
damages to 170.000 account - 
holders. The award. $47m in 
compensation and 554m in 
punitive damages, is believed to 
be the biggest ever made 
against a hank in the UJ>. 

The court ruled that the bank ( 
was guilty of “wilful, calcu- 
lated and deceitful " conduct { 
when it used mortgage holders’ 
tax and insurance prepayments i 
between 1968 and 1975 to earn 
a profit for the bank. , 

Bank America said yesterday ; 
that it considered “both the j 
decision and the amount 
awarded to be unprecedented 
and unwarranted.” 


without tax 

LG. Index, limited, Ay 
9-11 Grosvenor Gdn&,^=ajC; 
London SW1W 0BD. SSjgS 
Telephone: 0I-S23 56997^^5 


Companies and Markets 


COMMODITIES AND AGRICULTURE 


COMMODITIES/REVIEW OF THE WEEK 

U.S. euphoria lifts 
metal markets 

BY OUR COMMODITIES STAFF 

" We're over the hump. High arguing that: “ It may take time 
interest rates had pushed us for industry to pick up again 
right to the brink but thats all and for interest rates to get 
in the past and its up, up, up. down to a more acceptable level 
from now on!” This was . the of 9 or 10 per cent but we're on 
euphoric reaction of one of the way and thats what mat- 
Londons leading metal brokers ters." 


COFFEE 

London 
2nd Position 

Futuna 


IS A c£fr lUlITTAl Ct ‘ higher lor spot delivery in the London HGCA — Locational ex-farm spot 

Drt OC- 1*1 fc. * Ml-w money market yesterday at 427.85p. prices. Other milling wheat: E. Midlands 

Amalgamated Metal Trading! reported U.S. cent equivalents of the fixing 108.30. Food barley: Eastern 101.80. 
that in the morning throe month* level* were; spot 746.2c. up 48c; three- E. Midlendo 98.80. N. East 98.70, Sept- 


AMERICAN MARKETS 


NEW YORK. August 20. 


Live Hogs— Aug 66.85-66.07 (67.57). 


Higher Grade traded at €876°». 7B.OO. month T&t'.Bc. up “te .efc-mond, ta n tff0O.4OL Tta UK Mo n at. ry Co- HEATING OIL RALLIED moderately on Oct 81 .05-60.90 (62 JOJ Dsc X.SO-58. BO. 
75J50. 78.00. 74.00. 73.00. 74.00. 73.50, 782.5c. up 5l.3c; end 12-month 830.5c, efficient lor the week beginning Mon- production 56.7S-56^._Apri[ 51 .7S-51.90. June 


73.00. Cathodes, three month* £851.00. up 53.3c. The mewl opened et 436-43Sp day, August 23. Will remain unchanged. 
Kerb: Walter Grade, three months (7&3-7S7c> and closed it 435-437p . Business dons— Wheat; Sept 111.10. 


Kerb: Higher Grade, three months (7B3-76Jc) and closed it 435-437p 
£873.00. 74.00. 75.00. 75.50. 76.00. (758-763c). 


Gold end silver rallied 50.95. July 49.S5. Aug 47.00. 

.““Bus"n W *dmi e^wiiaat;' Sepi li i’i 0- eharply 0" further declines in Interest **Msiie— Sept 225V 225\ (223). Deo 

110.96 Nov 114.35-114.25 Jan 117.95- »*«*■ Coffee was moderately higher 227V228 1 * (2Z7*a). March 243V243 3 ,. 
117.85’ March 121.30-121 25 May on trad * buying which helped irlgger May 253-252’*. July 259-258**. Sapt 260. 


77.00. Afternoon: Higher Grade, three 
months £875.00. 76.00. 75.00. 74.50. 
Kerb: Higher Grade, three months 
£877.00, 7B, 79. 78. 77.6, 77. 76, 75, 
74.5. 74, 73.5. 74. Turnover; 58.025 
tonnes. 


SILVER Bullion L o^ LJULE Lor 124!60-124.55, July no trade*.' Sales: ,<lmB short-coCering. Cocoa was Porfc Bailies— Aug 99.70 (97.70). Feb 
SILVER I Bullion )+ or] L.M.E. J+or 102 ~ u ' 100 ( onneS- Bar , ay: s” t higher on arbitrage buying, reported 79.80 (87.80). March 77.42. May 73.55, 

105.25-105.10, Nov 108.00-108.85. Jan Hemold. .. «, . July 68.90. Aug 68.40. 

1 12. S>- 112.80. March 115.65-115.55. May Copper — Aug 64.45 (63.75), Sept tSoya beans — Aug 573 (571H). Sept 

118.65 only. Seles: 378 fate of 100 64.20-64.85 (03.95), Oct 65.25, Dec 563 -583 >, (558**), Nov 568-568**. Jan 
tonnes. 66.20-66.90. Jan 67.10. March 68.00- 581-581*,. March 595, May 607. July 

88.50. May 89.20. July 70.60.70.70. Sept 617*-. Aug 618. Sept 617. 
RUBBER 71.20. Dec 72.90, Jen 73.40. March || Soyabean Meal — Aug 164.4-1B4.5 


Per 

fray oz. 


fixing . — • p.m. — 
. price J Unoffic’l 


tonnes. * " ‘ ‘ Spot j4J?7.65p |+23.7| 436.75p j+34.2 118.65 on 

tonnea. 3 months.l438.OOp '-+E4.S 448.75p 1*14.1 tonnes. 

*.m. + orj p.m. + or 6 men ths,447.B0p 4-25.2 — ...... 

COPPER Official - [Unoffi cial ^ -t lgmonths 470.70p 1+25.6) — ! RUBE 

I £ I £ £ I £ LME— ' Turnover: 352 (159) lata cl The Lon. 

Klfl hOrde — , — — 1 10.000 czs. Morning: three month* slightly on 

Cash 866-7 ;+35.2,B88.5-fl.S j-24.fi 443.00. 43.5. 43. 42. 41. 40.5. 40. 39.5, throughout 

3 mthsi 873-.5j+28 874-5 4-223 40, 40.5. Kerb: three month* 442,0, 41.0. Lewis and 

Settle m't 867 +2B.K — ) 41.5. 42.0. 42.5. 43.0. 43.5. Afternoon; fob price 

Cathodes | j ! three months 448.0. 47.Su 47 6. 48.0. Lumpur of 


iamo nths 470.70p H-26.fr — RUBBER 71.20. Dec 72.90, Jan 73.40. March ||Soyabean Meal — Aug 154.4-184.5 

LMB-Tumover: 352 (159) lots ol The London physical mart at opened 5^388 0 (375?) Sept inJMng" 1 Jan’nS 

A ^ 3 -99- 43 / 5 - 43 : 41 ■ 40 - 5 .-._ 4 °- throughout the day and closed dull. «««■««,, c.h *n.lUUl Anri! 410.0. non .t„iu ito Aim tso.S-trj.s. 


m boo“ Sven mok metS The stock exchange buying ounce and copper rising £24.50 ittsd 8{4ttST*K* ‘*~ "**'*'* ■"* s mb m^ t.sjms). _ 

and the stock exchanges this spree encouraged across the 0 n the day. SMS!, 832 Y *’* 4 1 .™ 7G I m» i '•vwr-o.l Previous i 

week by he fall in U.S. interest board rises in metals - Thursday ~ . '/t' — COCOA ttsls. 1 1 dOM | close J Done 


and the stock exchanges this spree encouraged across *ne on tli e day. seniam-r tw-s j - 

week by he fall in U.S. interest board rises in metals. Thursday c . clearlv heen one — ^ -2 ^—- — — — 

rates was marked by profit-taking but "f 5 cieariy peen one Tin — Morning: standard, three months 

“vfv rh- „i n e/ himiness came major beneficiaries of EB.920. 30. 20. 25, 30 High Grade: Cash 

Although leaping indices and after the rnose ^ busn^ss came we eks generally bullish o.ooo. Kerb: standard, three months 

near-record levels of trading on the news that President s a ra de in I nn- EB S40 - »■ »■ Aitamoon: standard. 

Wall Street seems to indicate Reagan’s controversial tax pro- hv £« rn md thSwS* L hre 5 T oni i a *• 70 - 80 - 

that this euphoria was widely posals had been approved by 3 r £ 869 D e?-toQn e Turnover' «' “As'TnMe 

fpTr thnrp remained manv seen- Congress. at per tonne ' 7000. ^Turnover; J.385 ton nee. 


'if COCOA 


No. 1 J Yoet'r'yi l Prevloue Buelneu 
R-S.S. 1 dose clou ; Done 


'botetoes (round whitesJ—Nov 85.5 March T8.40. May 18.65. July 19.00, 
(lime), March 75.5 (74.5). April 85.5- Aug 19.00-19.01. 


86.5. Sales: 187. 


twheat— Sept 340V34O 5 * (343**), Dec 


lYesterday'si • . • i 

j Clone { 4- or Burinee* 5ap] . jbO. 55-6 1.00 J B0.5D-6D.7D BJJW 

It ■ ** BnB Oct '51,BD-S1.N ! fit.M-fil.fiO - 

*. per tonne. i *9 an.rw mi ! R9 10.*# m wlr! 


Whrer— Aug 775.0-779.0 (728.0). 3G1 -361** (36Sj. March 379*4-378**, May 

Sept 778.0-780.0 (730.0). Oct 784.7. 3844-385. July 383-383**- 


Dec 796.0-797.0. Jan 804.0. March 

818.0, May 832.0. July 846.0. Sept 

860.0. Dec 880.0. Jan 888.0, March 


WINNIPEG, August 20. 
SBeriey— Oct 101.8 (102.2). Dec 102.3 


felt there remained 1 many seep- Congress. 

tics in the commodity world who The -Congress vote added to 


' ' — Oot- Dec. B2.< 0-62.50 ! 62. 10-52 JO B2.5ft-52.3D May 916.0. Handy and Harman (102.0). March 105.1. May 107.2. July 

sept 902-03 ,-*■ 17.0 903-B96 Jan-MerM.M^.90 ; M.M M.M W.U0-M.7D bullion spot: 768.00 f 894.00). 10B.0. 


946-47 •+ 28.0,' 947 38 


Other base metals followed 


TIN . Official - unofficial: -1 M«v 


Aol - Jn a 5 7.8(1-57.50 57.0Q-ST.2H 67M S7J20 
Jly Sept53.80-5B.88 r 59.60-59.701 50.00-58^0 


Sugar — No. 11; Sept 7.08 (7.22). Oct 


were still awaiting tangible in- the confidence that had been the upward trend in copper in } — * —J 

dications of a pick up in indus- growing from early in the week more subdued faction, although M Gr “? e 70 oiiD + i 2 . 5 : 7 oIcmoLm 

trial activity. and yesterday the markts were cash un was £-35 up on the 3 month^6B30-40 -10 69so-flo+47.5 

The metal broker has little moving ahead again with gold week at £<,03o a tonne. There sottiem-5 7010 t 2 o - ...... 

tune for the cynics howler closing tt £38435 per troy ^ ^ I ! 

- — — — — — Platinum, coosteu oy gold, me 3 month* 6930-5 6980-90+82,5 

....... .. ______ amiuam bullion spot Pnce for silver settiem-S 6990 • - | 

WEEKLY PRICE CHANCES X° e %%£ ZK - 1S . ~r 

market platinum jumped by i*ptf-Mdii*.ngT 


1014-15 +13.01012-09 J’n-Mcn B4.90-65.W | M.B0-B4.70 1 ». 10-54.®; 

Sept 1 1032-35 + 1 3.0j - Apl-Jpn i67AB-87AO , 88.8047.60 - 

J .1053 62 ;ilM , .^_ = Sa(#a . igi (2B6) lou of 15 tonnes: 

Sales; 2.741 (1,706) lots of 10 tonnes. 11 (nil) lots of 5 tonnes. 


8.835. 

Tin— 567.00-568.00 (556.00-558.00). 

CHICAGO, August 20. 


108.0. 

$Whaat— SCWRS 13.5 per cent pro- 
tein content ol S(. Lawrence 221.05 
(222.05). 

All cents per pound ex-werehaua* 
unless otherwise stated. " S per tray 
ounce. 5 Cents per troy ounce. 
it Cents per 56-lb bushel, t Cants 


I — ICCO— Daily price lor Aug 20: 73.84 Phyeical closing price* (buyers) were Live Cattle— Aug 67.00-68.50 (67.55). per 60-lb bushel. R S par short ton 
7030-40 1+fift UI.55). Indicator price for Aug 23: Spot 5Q.OOp (49.75p): Sept SIAOp Oct 64 Jt«4.10 (65.27). Dec 64.10-63.96. (2.000 lb). 5 SCsn. per mevic ton.- 


Latest 

| prices iCh’nge. 
par tonne en | 
unless ' week : 
I stated I ' i 


6980-90+82,5 71 -73 (70.42). 




NewYerk- — 


COFFEE 

rtncccc iVest'day »; + or I Buslnosi 
coffee - , _ i Done 


market platinum jumped by — Morning: Cash £307.00, 07.50, coi-r-te Close i — Done 

firs ce PIBV an n rmn n ,, n,-u three months £320.00, 19.00. 18.00. — — — 1 

£*,6.65 to £187.80 a troy ounce. 17 50 Kflrb . Thrae month5 e^s.oo. i 

The SOft Commodities were 19.00. Afternoon: Cash £309.50. three Sept. 1336-37 .+ 14.0 1540-02 

ss-Sff Jg^JSS SU-=iiiSS!:S$SSS 

rate moves and traders continue a.Ss wnn«* March 


"SSss^ssscr^ IwSsaMfftesasslaHaB 


Antony T f coffee and cocoa. ; — * 

in spite of this, however. ™ »«,,;} 

3°mont^Do.1k> ^74.5 j+44 , MB6.s IgS?- 75 teaii 5 coffee manager to end the week JSSJ 307.5 ,+? 

S Mn< 2SJS2"‘— - — • £850 25 tin 3 !^ Sira £ 898.5 Emilf with the November position on u.s. soot ^ 

coidpero* 0 ^’ "J UsSi! . .MOM 1«96 the London futures market up zrnc-Moming: Thr«« 

Lead Cash i'.'.". "i. ..I i £309.5 +14.25 »= ' £251 * £86 at £1,292 per tOttOe. 33.50. 33.00. 32.50. Kei 

o months i £319.75 +14.5 £415^5 £377j85 £202.6 £432.00. 32.50, 33.00.3 

Ni0 K^?!Z . • MO m - ! JSffiJSJSSLJSfJSK According to traders a short- Three months £433.01 


I ms rnnnex March 1D0M9 l+ l.O \ 1012-95 

'■ 3 — May I 975-80 .-5.0 | 975-69 

i a.m. i+ on (..in. + or j u iy, .. „• gso-ss I— 4.77, 955-45 

LEAD j Official ; - Unofficial -1 sepL “i":" 1 925-35 L_7j ' 935^0 


(51 .OOp): Oct 51.75p (51.25p). 

SOYABEAN MEAL 

The merkec opened El higher on 
short-covering, reports T. G. Roddick. 
Prices firmed further on mixed buying 
bef ore easi ng on profit-taking. 

fVesterdys' +or | Business 
[ Close . — J Done 

[per tonne I 

August ; — — : — 


Feb 62.8082.65. April 62.42, June 63.25, SS S Per 1.000 sq tt. * Cana per 
Aug 61-80. doisn. ft S per metric ton. 

Thursday’s closing prices 

NEW YORK. August 19. (129.90). Nov 128 JO (128.40). Jan 

ttCooee— Sew 14.44 (13.62), Dec 129.00. March 129.35. May 130.35- 
15.06 (14.42). March 15.63, May 16.03, J 30.50. July 131.M-13l.BO. Sept 132.TO- 


JU Cotfee^'' ,S C ” Contracts 5ept 132.BO- ’““f; Sale*: 4S0 

133.00 (132.89). Dec 125.00 H2S.25 , 8 „ P 3^ 0^°^ fMS 


f 32.70. Nov 133.50-133.00. Jan 132.90- 


111.75. July 108.50. Sept 104.00-105.00. 


October!!!!!! 121.30-21.8 +0.8S : l!S.40-i1.fl8 Dhc 101.00-103.00. Sales: 2/225. 


CHICAGO,' August 19. 
Chicago Imm Gold — Sept 377.5-376.5. 


£ .,£ 
309-10 1 + 7 
319-.20 j+6.5 


rii—t fe^aftassssa gra&jsr 


e Jjiiliaau Iiuures marjset up Zinc — Morning: Three months £434.00, r*QA 
16 at £1,261 per tonne. 33.50. 33.00. 32.50. Kerb: Three months unrt 

AMAMiin. *- . £432.00. 32.50, 33.00. 34.00, Afternoon: 

According to traders a. short- Three months £433.00. 31.00. 30.00 , wheat 


[CO Indicator pricee for Auguet 19: Aprli.!!!"!!!!; 12fi!20.2B!&,+o!70 12730 
(U.S. cent* -per pound): Comp, daily June. .. . 1 12B.OO-M.8 + 0.35 1 12S.B0 
(979 U8.I8 (119.03): 1$-day average August.... .1 13838-52.8 +035' — 

116.34(116.10). Silas: ~1BB (146)" lots'dl 100 tonne*. 


116.34 (116.10). 

GRAINS 


^Jia-BXCr: i aao»a50c|-a_ : age of neartiy supplies has been 30 . 50 , 30 . 00 . Kerb: Three months 

«_““!! fii?.Bo l+afcBs! Ssuo jSS.8ojai4i.i6 having , a technical firming £43i . 00 . m.50._30.oo. 29 . 00 . 2830. Tum- Mnth; olow 

“ • . *imii zeni-i-fi 1 14251435 '1415(42018360/560 affect and there are rumours gi f r - ZJES. . ■ -« -j— j 

l+ss-s S2-? 22 }j; Bnni Z in C Jol&itr'bhSSiihifty sept, 1 111.10 

3 months peroK. - «8.0Op l+85.30| 5|6.15p g83.15p m94.t»p a h ea fl 0 f next month’s Inter- 1 1 ; — Nov-.! 11435 


April ; 12830-28.5, +0.70 12730 69.15. Mey 70.80-70.95. July 72.50- len»— Chicaoo Innia' 22 r,. m .i 

June 1128.00-30.0 + 0.35' 123.00 72.75. Oct 73.30-73.50. Dec 74.20-74.50. ,00M ZZ - 25 *»»»«•). 

August..^ . I2S0-00J2.0 +O35' — Sales: 4.800. WINNIPEG. August 19.... 

Sales: IBS (146) lots oMOO tonnes. Heating Oil — (cents per U.S. gallon): {Barley — Oct 102.2 (103.0) Dae 1020 

SOYABEAN OIU- The market opened Sapt 00. 30-90.40 (90.25).- Oct 90.85- (102.8). March 104.9, May 107.2, July 
about 5S.OO higher in dull conditions. 91.10 (91.04). Nov 91. 40-9 1. 45. Dec 108.6. 

Prices moved higher on a weaker dollar 92.0EL92.25. Jan 92.50. Fab 92.25. March {Wheat— SCWRS 13.5 per cant d re- 
but eased late in the day. Close and 89.50. April 89-35. Mey 88.60. tain content eff St. Lawrence 222.05 


Veaterd'ys +cr YesCrdya". + or 
cloee . — . close — 


business dene (U.S. S par tonne): Oct Orange Juice — Sept 131.10-131.15 (221.30). 

436.0. 440.0. 439.0-435.0; Dec 439.0- ■■ — — — - — 

445.0. 446.0; Feb 446.0. 446.5 446.5: LONDON DAILY PRICE-— Raw sugar £405.90 (same) s tonne for home trade 

Apnl 449.0. 463.0. uniradad: June £101.00 (£39.00) a tonne cif Aug-Sapt- end £206.00 (£204.00) lor export. 


«*gp saar tan* ps* 

BiSSSta 'i £8 985 +830 1 JB8B06 63132.5 ^5558.5 

wXT(SW :: ^ Sioi/105-l ' i fM&MS ifllalliBlSlOOrtM 

I“ s kas SS& tel BBS 

— ■ : - moo j - j mo&iwmm w» 


Sept.< 111.10 +1.18 .105.15 '—0,05 450.0, 476.0, untraded; Aug 45S.0. 480.0. Oct shipment. White sugar dally price 


• ■ Nov_! 114.35 '+0.10 108.96 I+0J5 untraded. Sales: 31 (32) lou of 2S £115.00 (£113.00). 


notional Cnffee Grpanicntinn i £ ! r 1 £ j £ Jan...; 117.95 i — I 112.65 +.0.10 tonnes, 

nanonai w>nee urgamsanon 4267 >J0] . 422S +15 M 121.50 +0J»j.ii5.65 )+o.io 


International Sugar Agreement (U.S. 
«fus bftr pound) fob >nd sttrwed 


+0 ^!UB l B 5 1+0-10 SUGAR 


J uIil. [127.45 _ I T^.OS !_ - j. - 

LONDON GRAINS— Wheat; U.S.' Dark 


Barley Ftrturee. I £108^8 tj+ 0.15 j £102.05 £111.80 filDS^O 

ttalto French i C1XM \ - \ l £1 38.M £151.80 

WHEAT Futur.B. — — I ni«S.; + 0.85.| ilM.70 Uin*D 

Hard Winter Wheat.,..., : - £117.75 eub. 73 £iia,oo 


meeting. ■ 3 months! 452-,5 +8-12 430..5 Uli May.. 124.60 +0JJ6. 118.65 1+0.10 

'The concentration of market s'™f"*r 5 i ™ + 10i . 37 ^o 5 I ~ : : — 

Interest in the nearbv nosition — - — ' London grains— wheat; u.s/Dark 

S* KwS, Alurninlunv— Morning: Three months Northern Spring No. 1 14 . per cent. 

Saw the premium for September 86 . 00 , 85 . 00 , 86 . 00 . 86 . 50 . 87 . 00 . Sept 109. Oct i09.5o, Nov 112 tran. 

over November, rise over the 35.06. 86.00. SB.SO. 97.00. Kerb: Three shipment Best Coast sailers. ■ -English 

week, with September Closing at months £587.00. 57.50, 88 . 00 . Afternoon: Fn«d lob. Sapt 114.50 East Coast. Oct/ 

£1 13(150 oes- tonne Three months £589.00. 87. 83. 87. 86.50. D« H8-5Q East Coast sellers. Sept 1-10 

£l,AaD.0u luuue. gg_ g3 g2, 83, 84, 85, 84.50, 84. 83.50, 1M 9*'d East Coast. Meizs: French, 


Sares: 3.870 (3.311) lots of 50 tonnes. Caribbean ports. Prices for Auguet T9: 
T«a and Lyle delivery pnee for Deify price 6.71 (6.74); 15-dsy average 
granulated baais whit* sugar was 6.97 (6.99). 


No.4 Yaiterday Previous [ Builneti AAI RAADIfFTC 

con- I dote Close l done bU LU MAKI\lll9 

tra ° t * —i Gold maintained its recent 

£ per tonne' ^ tren J d * risiog $27} to 

oirt. ;iio,m-iojo iob,bbj8.9o H2JZ5-B9JM 83833-384} in the London bullion 


■Bt [9} £S,80^ j— IB 


OILS. - - \ 

Coconut (PflMIppInes) KlOlf *“ 

Groundnut - ” 

Linseed, Crude ........... * — 

Palm Molay«n.„., — - — >395z —• 

Copr* (Philippines) KM - 

Soyabeans (OS.) *2352 t8 

OTHER COMMODmeS • ! ' — 

Cocoa Shipments a..- :v I.™ 

Cocoa Futures Dae. ' + SI 

Coffee future* Nov.. 1 £M* 9 ; + 

Cotton Index 76.70c |— L2 

Dcs. Coconut ,£^7Q '“l® 

Gas Oil Fut. Sept. — i *287 Jt6.7I 

Jute U A8WC grade ..... — ;( £240z: — 

Rubber kno... .50^ +0- 2 

HmJ No, SL »640/B60y ■ - 

Sugar (Raw) - — : £ iP,^y* 1-4 

Tapioca No. 1 £W0> i - 

Tea (quality) kilo. I . iSlp j+ 1 


:j UjMg i - jj-ggj If;3?S si; 52 . I ^- ^^.18 


8392 j 
>557.0 
£363 
.1385 

*268 

8227.16 


SassEr^-i i + » gSaSsasSSi 

Couonindax to^uc ^ r, ?0 

SsT it6.76 ! 8303,75 §36^5 


INDICES 

FINANCIAL TIMES 

Aug. IfljAug. lBiftTth agoiY'er ago 
228,35 1829.60 | 2lt4.07 j 264.02 
(Base: July 1 1352 •« 100) 

REUTERS 

Aug. SOjAuS; IBiRTth-agoiVarago 
155B.8ll534.5 j 1666.8 j 1699.B 
(Bese: September 18 1931 >'10Q) 

MOODY'S 


83. 83.50. Kerb: Three months £585.00, Aug 13E, Sept 136.50 sailers tronship. Jan 1 16 A»-17.aa: 1 10.0fi-15.00. - market yesterday. It Opened at . clflaa | “ 

84.00, 83.00, 80.00, 79.00. 80.00. 80.50, merit East Coast. S. African White; March ; 1!5.W 26 JD|l2l.7B-2Ufl.1JB.J6-!a.M S382-3S3 and was fixed at S379 ! finer troy! ! 

81.00, 80.00. Turnover: 19,175 tonnes. Yellow. Aug/Seot 85 sellar. Barley;. May.....JjaB 1 4e-28.fiQ'i26.B0-M^|12fl.SB-23^0 ^ «i e momiofi OUd $38650 in ! ounee 1 I 

— Enqheh Feed fob. Aug 104.50. Sept Au9.™.n51^a^2JJ0 J28J8.2fljn; 1K-M-23.M “ A UBU«t ! 216,0(T25.l;+12Aa! - 

.. . m U.J Um „ 108. Oct/Dec 112.50 East Coast sellers. ocL-...;iM^5-M.W|iJi.2B-si.70iS5JS-!i.Bfl the aftemaw. The cpntmued Serfmb : ": 220 . 0 a 4 .fiB!lM!S . - 

AJurninm; 4-or, p^ |+or r mi unquoted. ■■ Jan..- jlj8.ML».6nH8»JP-86J»l Weakness of the dollar and October.. .225,75 4.M+1S 1 87'22fi.SS- 


LONDON FUTURES 

lanth lYeerrSay'si +or I Business' 
lonth e|aa(| | ^ ■ Pan, 

j £ per troy j 
! ounee l 


i £ £ i £ j £ 

Spot '■ 66B-8 +1S 564.B-5.S +4 

3 months! 5B7-.S +13I5S3-.5 j+S.RJ LQMDON OIL 

Nickel — Morning: Three months nnl|itf 

C.800, 05, 20. Kerb: Tpree months SPOT iKIvm 
CL 830. Afternoon: Three months £2.830. 

20, 30. Kerb: £2.835, 30. Turnover: . 

T62 tonnes. I 

— : i - '“j i Latest 

NJOKEL : OpBI. !+ or! p.m. + or CRUDE OIL-FOB (8 per baureil 
OffldaJ — lunofflolal- — t . _ , , 


« Bfgg 


Jan..- HJSAn-w.en|i».w>-eejwi weakness o: me aouar ana October 225.75 4JHI +is.87'22B.SB-hji 

■■ ... i ■ ■ ■■ ■ i-" " expectations of further declines Ncvember'225.oo-7j0i+T<jB[ — 

GAS OIL FUTURES S. 1 ^. SfC? J*S*JgSf SSSSSmSSStSS^m 

W the metal up to a peak Of $337$- February. ,229.00-32^-HSM - 

" Stronger Europeen currsneiss 53gSi. The lowest point of the Turnover 487 (787) rots of 100 tray 
prompted ■ higher opening but prices day was $3771-3781. ounces, 

eased off before mBenng physicsl * 
support. A rally in New York, reinforced 

by rumouTi of more trouble in Kherg * ] 

Island, lifted prices to new highs. A|ig- 20 I Aug IB 

rapens Premier Man- ; — 1 l . — - 


Month lYostWspFwj Bgn* 


Geld Bullion (fine ounce) 


Aug- 19 Aug. lafM’th aflo Y'ar ago • Omdal | - j unonieiai; -t 

1000.1 998J8 lToil!4 _ ! 10S9.r ' 


Arabian Light. |31.1B-B1 AO]t0.42 

Iranian Light 29.30-39jo~o.ao 


+OJ56 j |0g 2 


|£2Z0 

B (660 1640 
&05 
UU15 
(117p 


ASjnt fclto*"’ T"- I • - • _ ; 700 OTp J7Bp 

wtXpSi w^r!::!!! j aropMio-a ■ 3B3p kirevwgp kJioUTBp mo 

t Uarjueiid, (0) Madagascar, -(a) October, (t) Nov. Of) (*) s«p*' 

y Augim-Sept. (f) August- Oct, * Nominal. 5 Ghana cocoa. 


(December 31 1931 - 100) 
DOW JONES 

Dow Alia Aug i Month Year 
Jones 19 18 j age ago 

"Spirt (123.161122,72126.36 - 
Futr'a |127.1 1.186.3B|128.04 - 
(Bess: December 31 1974 » 100) 


Beat • B93Q 5olf-Z7J5.2Q30-50 •+» Arabian Heavy..- ?9. 15-2 0.83 

irnwH |-n !^^ l B ^S!dKMS3|:Sig 


8 U.S. ! 
per tonne! 


dose («a3J 4 .3«J4 

Obenrng« I83B2-3B3 

Morning fixing... ,;S37B 


Nickel — Morning: Three mo n the 

£2.790. Afternoon: Kerbs: Three PRODUCTS- North West Europe 
months £2.790. Turnover; 744 tonnes. CIF (K per 


August £13.73 I + 3,7S,2Bfi.76-w jm Afternoon fixing.11386^0 

Bapt !! 287,00 * 2.80:287 JMBJQ — ■■ .. '■ ■■ — , 

Oct._ i 288,7 B + 1.28,283.00.87.76 

5";; I US +o|s;mub!«S S Knigmd S3»*u-395 <c266i<£Sfihl Xingsov 

Sam.::::::::: ISISs +iS3uS!nS i* K?u « ccuei^uiei Iviom*^ 


(EZiOk-SSOh) :S3S6hSS7h (£2063*-2C71*) 

(£2181*819) 8aB4i»-4W5 (£a05i 9 -206) 

(£217.292) >1356,26 (£206.582) 

(£231.936) >8366.65 <£207.186) ■ 


Gold Coins Aug. 20 


SILVER 

Silver was fixed 23.7p an ounce 


Premium gaiellne...|332-333 j +2.5 

Gasoil 268-291 +3.0 

Heavy fuel ell 134-158 — IJD 


st EuroDd Jan - 282 - a5 +l.W>,2S2.l» «Ja 

SSB=3 BBS N - 

Si tii • ABia ^i mb. qq ■ 

4-156 i -1J3 .Tumever. 1,353 (1.347) lot* of 100 
tonnes. 


Krvqrpd 1394 r* .393 i£2S6k-326hl KingSOV SB&-B5 (£53-341 

^ Krug 820312-204I S (£U6VU7i*l Victoria SOV >03-95 (£53-34) 

*4 Krug 3l03i*-lD4li (£59>*-60) French SOc 182-8414 i£47-48U) 

KID Knur 842-43 {£84-241*1 50 pace Max. S4BSU-489ts(£SBSi4JMi*) 

Maplelea. S394u-395L| (£2261*-22SS*| lOOCor.Aust *J711J-S77 (£2I3U-319U) 
NewSov 892-93 (fi52-'i-63>4) 120 Eagles 841MZ0 (£23&4-24l) 





Acn 

fatter 
moot 
defier 
freces 
prote 
perfo 
outsit 
. Th( 
achie 

STOUT 

re.ces; 
Jnduc 
-fall in 
"f rnrm 
jfijaUt 
: “Ushal 
phcc 
more 
'direct 
ine tt 
: Las 
viliolt 
fdreif 
Fjut t 
year : 
li)S2 
ably 
Minis 
is wo 
doubt 
adopt 
S* At 
Hann 
Langi 
i-Tht 
crisis 
sente' 
fpreij 
over 
(a) c 
Son. 
Cttrre 
expor 
Jie re 
away 
into i 
cultu 
and ( 
qitet • 
Erari 
; Tht 


1 


LONDON TRADED OPTIONS 


August 20 Total Contracts 4.248 Calls 3,773 Puts 468 


BP <o\ 

IP icj J 

BP rc» 

BP (pi 

BP rpj | 

CU id '| 

GU fci l 

cu (» i 

CU (p) I 

Cow, Gld to; 
Coni. Gld id! 
Coni. Gld ici. 
Corn. Gld <oi' 
Cam. Gld fci : 
Cons. Gld i pi! 
Coni. Gld ip> 
Com. Gld (pi 

Gtids. fc) 
Ctlde. (oi j 
Ctlds. fpi 
GEC (c» ! 

OEC loi j 
QEC ip) I 
Gr'd Met. fci 
Gr'd Mot. (Or 
Gr'd Met. (o> 
Gr'd Met (at 
Gr’d Met. id. 
Gr'd Met fp) 
Gr'd Met. tpjJ 
Gr'd Mat. ip): 
ICI (d ; 

ICI (Of 
ICI (ci 

ICI (pi { 

Land Sea. fcV 


260 

280 

300 

260 

280 

130 

140 

160 

180 


Closing 

otter 

Vol. 

Closing 

offer 

vc. yc. 

32 

• -73 

46 

13 : 'so -*■ 

15 

189 

-54 

66 1 38 4 

8 

14 

18 

267 • - ; - 

7 

3 

12 

- 16 ' - 

18 

30 

22 

— j 50 1 — 

16 

1 

21 

- ! 25 1 - 

7 

as 

14 

3 : 19 ; -- 

3 

6 

4 

- [ It . 25 

26 


27 

. - ! 28 , . IS 

llfi 

2 

125 


85 ' 

8 

95 

1 i IOO j ~ 

60 

122- 

20 

26 ' 70 12 

SB 

130 

_ 

_ 1 — 

14 

Z49 


1 _ ; 

S 


"7 

' 2 - - 

13 

18 

32 

7 : - 

27 

3 . 

•- 


6 

6 

e 

- ; 9 r - 

3 

4 

6 

> 2 1 a 1 - 

S 

1 

6I S 

1 , 9 ! - 

115 

13 

130 

? ! ns 1 ^ 


- B7Bp 


18 | US 
3 — 


- 202p 

— i ■■ 


- Z88p 


EUROPEAN OPTIONS EXCHANGE 


Aug. 

Vol. Last 


Nov. 

Vol. Last 


Feb. 

Vol. Last 


GOLD C 

8300 

44 

81 A 

_ 

1 

t 

100 B £356 

GOLD C 

8325' 

28 

56 A 

18 

70 B 

5 

79 5 .. 

GOLD C 

£350 

141 

31 A 1 

85 

, SO 

53 

61 B „ 

GOLD C 

£375 

365 

6 ; 

154 

52 

16 

45B 

GOLD C 

£400 

as 

0.10 

296 

19 B 

— 

— 

GOLD P 

£500 

1 

182 

' 1.50 

47 

3 

GOLD P 

£325' 

— : — j 

146 

i 3 - 30 ; 

10 

.1 

GOLD P 

8550, 

m- t 

28 

10 ! 

!l 

13 A 

GOLD P 

8376 

13 

0.10 A 

51 

1 16 ; 
29.50 > 

33 

23 

GOLD P £400: 

135* NL Bl 87*91 


31 


" 


F.107.BO 24 ( 

F.llO 144 
F.l 12.50 1746 ! 

F.U5: - I 

F.117.50 - 

F.l 10, - 

F.l 12. BO 1 - ! 
F.l 15: 183 i 


- F.I13.10 


10J« NL 80 86 95 

C F.l 00 122 

C F. 102.90' 493 

P F102.50 100 

p F.l 05 200 

114 NL 82 88-92 

0 F103.50 239 

C F. 1 05, - 

p F.lOSi 205 

10 NL 82 86-89 

C F.105 100 

104 NL 82 06-89 


- F. 103. 30 


100 I 0.40 


- ;F. 100.40 


F.l 00 
F. 102.50: 


20 I 2.20 

35 . 0.07 


SB j '1.10 


~ :F. 10 1.70 


ABN C 
ABN C 
ABN P 
AKZO C 
AKZO C 
AKZO P 
AMRO C 
AMRO P 
AMRO P 
HEIN C 
HEIN C 
HOOG C 


F.260! 

F.28Q[ 

F.260 1 

F.2S1 

P.27.50 

FJ25 

F.40l 

F.40! 

f.sbI 

F.60; 
F.65; 
F. 17.50; 


B < 2 

15 . 0.50 
43 i 17 
6 I 1.10 


KLM C 
KLM C 
KLM C 
KLM C 
KLM P 
KLM P 
NEDL C 
NEDL C 
NEDL P 
NEDL P 
NATN P 


F.80 25 

F.90; 52 

F.lOO 1 106 
F.llO — 
F.BO 101 
F.90 17 

F.100 29 


52 | 3.20 


F.llO 13 
F.lOO 122 
F.llO 45 
F.llO 10 

PHIL C F -22.50, 162 , 3.80 B, 48 

PHIL C FJ5 899 / 1 fg 

PHIL C F.27.50 — , 135 

PHIL P F.22.50 13 0.30 10 

PHIL P F.SB 85 | 0.70 1 9 

PHIL P F.27.50' - • - . 15 

RD C F.70 8 I1B.30 bI - 

RO C F.BO: SI ! 6.60 I 27 

RD C F.90 41 J 1.20 ; 29 

, RD C F.lOO - - I 15 

RD P F.80 35 1.20 — 

RD P F.BO 6 1 7.50 | 10 

UNIL C F.l 50. 10 i 5.50 , 15 

UNI L C F.160; 24 ’ II- 

UNIL P F.140 _ ! - ; 7 

TOTAL VOLUME IN CONTRACTS 10,628 
A = Asked B=Bid C: 


8 |16.30 Bl 


41 ! 1.20 


1 10 

5.30 

I 9 

1 10 

1.50 


| 

8 

1.B0B 



i 34 

0.80 

1 — 

1 

” 

20 

1 5 

| 

1 6 

7 

] 

I 10 

4.10A 

10 j 

! 25 

5 

— 1 

1 35 

2.30 

- 1 

1 20 

1.20 

- I 

20 

2.80 

3 j 

; 4 

7.50 


! 5 

— 

/ 

, 11 

4.50 

_ i 

16 


— 

48 ! 

3.20 

- 1 

68 

1.50 

189 ! 

isa , 

0.50 

— • 

10 ; 

0.40 

1 

3 ! 

1.30 

5 ; 

is 

1 

2.70 

1 

27 | 

7.20 

- 

29 ! 

2.40 

9 ! 

- i 

0,90 

I i 

10 1 

7.90 

1 i 

15 ! 

6.50 

7 

7 1 

1.80 i 

2 1 


— lF.2S.30 


1.30 ' 

2.80 ;FJ7.50 


— F.24.90 
3.70 I „ 


7.B0 ' .. 

— F.152.S0 

2 i " 

2.50 ,, 


Financial Times Saturday August. 21 1982 ... 


CORPORATION AND COUNTY 

London County 2 T ;K 1 920 L20 ll 8. 81. 

Spc 1 »380.83 £96 1; U 
Greater .Loudon Council S'ipC 1900-92 
£63 '■ U 9 'i 70 u. 9 :pc 19B0-B2 
£99->j; :c _ 


Abcrdocn Core 3K 1963-85 £81, USA 
Barnc: Cora 7 'ipo 1982-84 £M-» le-S 


12'.oc 1987 LlOZ't OB6l. 14x ISOA- 
SS £104i| <13 8i _ 


BASE LENDING RATES 


A.B.N. Bank 11 % 

Allied Irish Bank 11 % 

Amro Bank II % 

Henry Ansbacher 11 % 

Arbi! th not Latham ... 11 % 
' Associates Cap. Corp. 12 % 

Banco de Bilbao 11 % 

BCCI -1W 

-Bank Hapoalim BM ... H °n 

Bank of Ireland 11 

Bank Leumi (UK) pic 11 % 

Bank of Cyprus 11 Ti 

Bank Street Sec. Ltd. 13 % 

Bank of -N-S.W 11 % 

Banque Beige Ltd. ... U % 
Banque du Rhone ■■■ llt°n 

Barclays Bank 11 ^ 

Beneficial Trust Ltd. ... 12 % 
Freraar Holdings Ltd. 12 
Brit. Bank of Mid. East 11 % 

I Brown Shipley 11 °n 

Canada Perm’t Trust.-- 12 % 
Castle Court Trust Ltd. 
Cavendish G’ty T’st Ltd. 13 % 

Cayzer Ltd 11 % 

Cedar Holdings 12 qii 

I Charterhouse Japhet- 11 % 

Choulartons -.1 13 °o 

Citibank Savings H-5% 

Clydesdale Bank ...... 11 T, 

C. E. Coates 12 % 

Comm. Bk. of N. East 11 ^ 
Consolidated Credits... 11*% 

Cooperative Bank *11 % 

Corinthian Secs 11 % 

The Cyprus Popular Bk. 11 % 

Duncan Lawrie 11 °r» 

Eagii Trust 11 % 

E.T. Trust H}% 

Exeter Trust Ltd 12 % 

First Nat. Fin. Corp. .. 14 \% 
First Nat. Secs. Ltd.... 14 % 


Robert Fraser 12J% 

Grindlays Bank ill % 

■ Guinness Mahon 11 % 

■ Hambros Bank 11 % 

Hargrave Secs. Ltd. ... 11 % 

Heritable & Gen. Trust 11 % 

■ Hill Samuel 511 % 

C. Hoare & Co til % 

Hongkong & Shanghai 11 % 
Kings north Trust Ltd. 12 % 
Knnwsley & Co. Ltd. ... lll'T, 

Lloyds Bank 11 % 

Mai J inhall Limited ... it % 
Edward Manson & Co. 12 % 
Midland Bank 11 % 

■ Samuel Montagu 11 % 

■ Morgan Grenfell 11 % 

National. Westminster 11 % 
Norwich General Trust 11 ^ 

P. S. Refson & Co 11 <Y. 

Roxburghe Guarantee... 114% 

Siavenburg’s Bank 11 % 

Standard Chartered % 

.Trade Dev. Bank 11 % 

.Trustee Savings- Bank 11 % 
TCB .... 11 % i 

United Bank of Kuwait 11 % 
Volkskas Inti. Ltd. ....11 % 
Whiteaway Laidiaw ... il$% 
Williams & Glyn's ... 11 % 
Win trust Secs. Ltd. ... 11 % 
Yorkshire Bank ......... 11 % 

■ Members pi the AccuAtinq Houses. 
Comminee. 

• 7-dar deposiis 87-. 1 month 

8 25%. Sheri-term ES.OQO/1 Zmnnih 

10.6%. 

t 7«day deposits on sums ui- under 
00.000 87.. 00.000 up- la E50.000 
3 £50,000 and ovrr SVi. 
i Call deposits O.COT end over 3%. 

II 2Uday deposits over £1.000 97. . 
i □omond deposits 8%. 

I Mortgage base rate. 






85 £104if <13 Bi I 

Bvminyiidni Corpn 3ne « 1 9021 1932 EZI'i i 
O 3- 8*. i^pe I 3«6> £2* “I" IIS 6) I 

Birnunsnm D<Kr<c; Council 13»C 198S I 
CTOI ’a. 13>dK 1939 £107 H ij r * 
Bristol iCltv Oil 13PC 19B5 Cl 031: •*»___ > 
Camden (London Bnrouoh or] I2i;pt 1985 - 

File 0i Reslanii Council 13 *.oc 1 983-14 j 


Senior HWo» taf.1111 9f M* « I 

Brnjon’j IHIOfls’. IXPcLn 1377-SI 

rmiodcII 6LpcDP 1986-91 «A 06 B) 

|Th b, g j * <£i i 4c -i if 8* , 

iSSSmVhIgM 7-:BcLj 198?-92 CM 
B rminebani W nl 6«P1 f£.i 36 (16 81 
Blacken Hutton Hides 5 *:bcPI Wl S3 
BIldroOM Hodse SpePf (£11 35- SoCLn 

“inds S^mfDn 1W4M9 
£d6:-. 7 dcD 0 1958,93 £63 :• fi?8< 
9KDb 1992-97 £76. S'.ucLn £43 (IT 9i 
Bosod-Pdepah 'ie-81 

Boarh rj ' (Bcltani 2£ Mt Bl 
Boots flocLe. 1971-83 £54 : 5 6. 7tiDC | 


Stock Exchange 
dealings 


V ftju tl li ut i l (Jinn) •«« IWWMI £1 K 


Crjmpian Red<dhal Council 1 QVct 1 983 

Grccnmeh 'London Borough all 1 1 i»oc 
190fi £1 DOS 'i 

Hcntortitore Cpurtr Couocji 5u>c 19&2- 
84 L9D I 

Hull Coron.3>£K Wl'iw. (1S.'I1 
Islington Coron lOpc 19B2-B3 £99 27 ,64 . 


Boots 6octr. 1 978-85 £54 r 5 6. 7itoc | rw el | 8 ^ bui<n«» demo shown bolow heun been taken with consent bom 
BaTltDdM&il 5^ ncPf <*H »«; OB'H \ Fast Thursday s Slot* Official t«r and' should not be reproduced 

"riSSTi V wfiir Iso 5 i W ” h &!riSaS n te those Boeuntui not incltidad bi the FT Share Information 
h-w Newfoundland A.;pcF1 <£1J 39 | Serwce. . M . 


fi7 »i ’ , I Unless otherwise Indicated, danominaiions-er* 2Sp and prices' are hi pence. 

Bovrthoro* Hide* 7KL" 1993-99 £57 | prices are ibosa at which business was o4m in th* 24 hours up to 3^9 pm 

■"ImL wiikimon 50 (£11 70 'is ii I on Thursday and settled through th. Stock Eachmgs Taliwnm systmn; they ■« 
■riS"Kd» t2a M8I5I HocDb 1991-96 j BQ , , n order of execution: buz m ascendmg order which denotes the day"! 
£90 '«:• i highest and lowast deaiinq price*. ... 

B 7wi.« t £M 5 ?lB.s\ ‘efiKLd 2002.07 ! For thos* securities m wwe h no business wa, meorded In Thut«dey*e 
23?. * ‘ 1 official l.st, tha latest recorded bosmess m the four previous day* i* given 

Bright' ij.l Grp 8«t" 1988-33 £56 61 j: y,, relevant date. 

dgbah - ^i ,u ” ,ni 5n 7«Ln 1982 nits- i Bargains *t special priCBs. * Bargains dons the previous day. A Bargains 
■mjsh^Aieer. Bahaas’ lsSmt^tOseLs dpn| * ‘ “S non.member or executed .n overseas markets. 


slingion Cored lOsc 19B3-83 £99 27 64 • 
118781. 12UM 19B3-B4 SIOI-j. 1 aViC 
1986-87 £106 1 31-OC 1982 £100 ! 


14K 1983-86 £1fl5'j i7 3"6J 


Nmustto-Unon-Tviic Coren 9Loc 1981-83 
Pjijlev Cored 9 '<nc 1982-84 £95 V S’* 

pjjmcuth Cpn 3Loc 1972-82 £99 <1718* 
St Helen* ■ Metropolitan BOrocsn qIJ 11 Lee 
1985 £99'- 

Salford conn S’lK 1986-88 ffllift, 
Sand well rMrcraaoiiun Borouoh oft 13 bc 
1935 ElDi‘1 *1 8' 81 _ , 

South Tyneside iMet Borough Ofl IZLOC 


6ee2ndPf <£lr SO. 7 kLo 1982-87 £88 • 
British Amur. Tobacco . invest JOocLn 
1 990-9S £861^- IflisscLn 1982-87 

Ut : > 8 

British Elec Tract n BgcP^d <£l) M £1} *’ 
Bnt.sh Home Stores VpcFT (£11 52 7M 
Dh 1954-93 £.63" (1881. 9KLn 1992 

Bnftsh 'Mona ir Swnners 7ijKDb 1987-92 

aria°ih {1 ®n 8 n:in<i Cemm Cornn 4 ZojBPf 
(£1) 4-2 1 16.81 6,5oePt (£11 59'. •• 

TVSKPf (£11 41 1 2 7.7SVCFf {£11 At 


Soni-OS £&*- iO-SkLh 1999-35 £87U 
f. C 3 ex’-n 1995-90 £79 : r 60 
Iiko ISLpcLd 2006 S R.P OK iCpn 3) 

tlOV: s_n.. in.T.or ».7a 


into W FTCKf^n 6KDb 1987^: £74 
Initial S: r .Ln IPEp- 93 £66 f.oB) 

I sk of M4" •— ^0 tf17 4 3) 


Seot^enri^wSea Borough Council t2K 

SoWhend, Jon-Sea Corpn 9 «jbc 1 981 -83 
59B3* * l m 118181 __ 


Sou thwart Coron 6 ‘jOC 1983-86 -CS ? < 
ri7<81. I r '.DC T 944-35 tlOQU. 12>iPC 
1987 £1 03”» „ . _ 

Stocupart iMetraeoliren Horaugn of) 
121-Pt 1989 £1 0,2.1; '1*81 
Swansea (C.ty Oft 1 j'<pt 2008 £1 08h 
Tameside 'Metropolitan Borousn of) 19 ] <SC 
19B4-S5 (9B’< 

Tvne Wear County Council 12 k 1986 
£102 08181 


Mks A&n.ic 

160 ; 18 

138 

24 ; 10 

27 

10 175p 

Mks A Sp. to 

! 180 1 7 

17 

10 l a ' 55 

17 

— 

Mks A Sp. [p 

160 ! 3lE 

■_ 

5i 3 . 1 

15 : — 

6 1? 

Id ! .. 

Mks A Sp. ib 

1 iao i 13 

1 

16 


. Shall (ci 

360 | so 

10 

60 ' - 

65 

- 4Q0p 

Shell 10 

390 ( 24 

29 

34 | 3 

44 

- | .. 

Shall 10) 

420 [ Big, 29 

November 

22 : 90 

February 

30 

1 1 „ 

May 

Barclays ici 

360. • 27 

2 

I 42 ' - 

S3 

- :376p 

Barclays id 

390 ; 15 

— 

23 ! 1 

50 


Barclays (pi 

360 , 10 

19 

13 ! - 

27 

1 

Barclays tpi 

385 1 20 

1 

27 ; 1 



Barclays ip> 

390 ; 25 

2 

52 ' - 

40 

_ ! *' 

imperial ici 

90 ! 91; 

38 

11 i - 

14 

- ■ 99 p 

Imperial 101 

100 ; 3J« 

255 

7 2 

a 

4 ■ .. 

Imperial ic> 

ua ; ii; 

10 

3: 3 325 



- 1 « 

Irnparlal ipi 

90 , 3 

100 

4 [ - 

7 

10 

Imperial <p, 

100 1 7 

1 

101s 1 — 

12i S 

— „ 

Lasmo (0 

300 | 57 

7 

70 : - 

83 

- 344p 

Las mo ici 

330 1 36 

l 

50 • - 

65 


Lasmo (Ci 

360 | 17 

7 

32 1 - 

44 


Lasmo ip, 

300 9 

10 

14 ; — 

26 

- ; “ 

Lasmo tpi 

330 r 20 

31 

30 ! - 

43 

1 - 

Lonrho (0 

80 j 14 

9 

ib 1 24 

19 

— sap 

Lonrho 10 

90 7U 

127 

20 1 25 

13 

19 , 

Lonrho 1 pi 

80 ! 2 

47 

4 ] - 

5 


Lonrho 1 p> 

90 ! 5 

15 


8 

2 ! " 

PAO tci 

240 : 3212 

9 

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— J60p 

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teo 1 aifl 

1 

12 . 86 : 

17 

ti 

Racal (ci 

460 1 89 4 

6 

92 ' - , 

110 

— 525p 

Racal ici 

500 1 48 

182 

63 | 1 ; 

80 


Racal (pi 

460 j 6 

3 

10 ! 1 

IS 


Racal (pi 

600 I 16 

« 

as : - ! 

33 

— . „ 

RTZ (Cl 

360 ' 90 1 

2 

95 ' - ■ 



- ,442p 

RTZ ici 

390 : 60 . 


65 i 7 1 

75 

RTZ (Ci 

420 42 ■ 

27 

47 ; 3 

56 

7 i .. 

RTZ ici 

460 1 15 ; 

120 

as 1 1 • 

— 


RTZ ipi 

390 ! 7 . 

5 

12 | 25 : 

25 

~ M 

RTZ ipi 

420 20 

1 

30 1 4 

43 

J. 

RTZ (pi ' 

460 45 ■ 


SO 2 

— 

M 

Vaal Rfs. (cl 

45 L 14 la • 

20 

161'' — • 



— SS8 

Vaal Rfs. <ci 

no | 11 1 

105 

12 lb- 15 

13 

' 

Vaal Rfs. ici 

53 | 7 1 

•44 

S’.;’ 1 

10; 


Vaal Rfs. ipi 

so 1 2 : 


4 10 - 

5 

— * 

Vaal Rfc. ip) 

C= 

55 , 4 1 

Gall 

20 

6lj — 7i« 

P=Put 



UK PUBLIC BOARDS 

Agricultural Mortgage Corpn 4i»c 1961- 
91 £54 '•! (17 Bi. 5PC 1979-63 £90«: 2 
1I6.B). 5*:oe 1980-85 £8SJ; «18 81- 

5>:PC 1995-95 £58',- 'IB'Bi. 60C 1982- 
87 £7 B‘j <1 7'8J. tf-'sK I9BS-90 £69'-. 
7J.cc 1981-84 £92':. 7><dc 1991-93 

£701: \ 1. 91-K 1980-85 £94 '4. 9':PC 

1981-83 £99'«- 9L-DC 1983-86 £91 1- 3 
■■ <4. gJjK 1 985-87 £93 ■< ll BiflJ. 

1 0'.PC 1 992-95 £82 1;. 1 4i-pc 1 984 

£1039 


7.9KPf (£11 41 f; 2 7.75«Ff {£11 *4 . 

BriUsh 1 Shoe e-XT'" *tSL S l YS? , Sr,! C l > j!mcwrs‘ , CdW!**-» <, 10p i r 7? _ 

British Steam SoceWIti-a ft* lOhKOn *’ Ap Oeiners ?Kff C£i> £0 

,'JSi- z 222, l £' J Lii» ™ j2SS. ”«■« “ 7 

«C18/S?^ 7peLn 7003.08 £Stf»r (17'8‘. <18 81 -1 f£i> AS C18.B1 

■Ke’nt^KOi £57 to «IeLo 1M6-M £93 

Brown Bros Coron SpeLn <1987-92 £*S’i jenct. Srro-JC rwdssl Do iSocLn 19».9 

Brmn CJ.l 4-mcLn l«MMEO»i MIN; ’j: SJfDU d rHiagsi lOBem «£D M® 

fIS.'BJ. SHflCLd 1998-2003 £46 V(13 81 ' . 

Eulgin (A. F.l r5d> 23 4 _ .. w.i.m—i 8 -eel-S 1987 £66 7 '18.01 

H Ulmer Lnnib rHldds' SkW '£ 11_2» €17 81 iQprPJ «.» 97 <16 81 


Rf Currency O r<04>2) »r£T .03 
!i-£VU* na-B>. lOiipcLd 1975- VS £47 
Sommenrllle (WUhamlSM 70 • 

Soche|jF Parte Bcrnet S’mcFf <£T) 89 

Jtmncer fGMig«) dnePf 22 

Soillmy 7ecDb 1975-83 £9S1« tj. 7tuK 
» 19*4-89 £74N •« 07.43 

spoob <1001 a 


wwrd saaisa^fo j gg 

YStoSl^FIn/fipcW f£t> 73 i gN.SjJJ 

FINANCIAL TRUSTS - ) H"~ 

AtOwn Hume TOacUl 9395 £89 .1 so.ES (12 

Amto-AMan Firtawe 17 'W 2» ... . 

Anflio-Coannentai lm» *ml Fie SM.-ptDb | • 
i 1982 £I02>: ri81#> • I a, 

4 ™ } SSSTiw 

BC? OmnrtiB .Sendee* S’a* 2«IPf «l) < 7 ) 

iiranStfi* n aim Dot lav Tst ftseff |ST2 J ^£Je®g?r 

Bmfcwl* Arrow HUB* WTs 8 f18'81 ' . Wgi.fS 

Comeannle Bancare SA (FF100) tSO (Cpn ' ‘ 

Cniot ^wo? De France 14'«pe«5tin 
CMd^Mdif General Tst (50»1 393 ' SscFf Tejri* £*» 
Ellws 1 ?AS1> 148 

rarjsspS. tv. (wr«» w wb *swr ^ 

FlrS 0 National Finance Cpn ^jSSVr**™ 

Ord. 1973-85) 1 u. 9-co=SutiLd (I992r. Airnatt JLo 

Fm* 3 '* National Sect (HJOps-J 12* pcLb ffyi^V - 

09871 £131 08 8» _ Argyle Sec 

ftsss; 'siH-ffliAi. «i sw. %rir i 
f ws,,‘asv,vs?La! r 

London Euroeean lOj-.pcLa. Oil: • . . British Land 


> . MINES— SOUTH AFRICAN 

I SaspS^ftfe-v’--- 

, hir-d Lartfoe. C*»i iRft»J.r3t 

Trznl-NaU* Ccai C« -K WILS48. 3#3 

i Wmmm Deep LcMis 'lSacDb Miti ir;; 
•l 30.59 (17'VS 


OOa . 

Atiann-j_5*»o«« ww , rmf 57 

Sonrrh * ,r <! 

cS»» .jar&jawa?-' 


-erne fln-Sht - •• -- • • 

Xfiia' juaturpt XlWrta 5hf. (Rw*' VfH; 


iH fill 375 (l»w 
OcCdeni*! <50.23} 3*9.; (1S9) 
SfiirSnsDorl Tndhr BhPCfgtFf , «.» ) 
4b. 7«2"d« ... 


4b. 7K2nO« 

Texas fWrrr Con 1*5-50} JJ7T hlf! 


nonsny 

Alliance Fnw HId» WM&B -<74ia 

AHWd’lflMtei IMr'-KWa' MH-. ttOS 

dssr 


SoiHbb nil £20 V 
Stag Furniture lthrcPf <£1> 81 2 
Standard Industrial idLpePT (£1 1 72 
Staveler Inds 7^ocLn 1986-91 £63 H3 


London Euroeean ipjipcLn £d ««s ‘ . . 

Newmarket (J98l» (SO^Sj 545 1 7 
Stock. Exchange 7 l <KDb £8 4,X17.gT 
U rvied Computer TeOicoftwy Hldfls Wnfi 
TP 91* Onfl ZB 30 (IT.* 

Vote Carlo IlhncPf C£i> 101 

INSURANCE 

General Acc Fire Life Aaac.Cpn T'ljdi 


Bampted HUMS 8MC1KDD ' 88193" £71 

aifrtJwoflla • Ml - 75d»cf«& 96.41 

C H*i»i Coaurtir* 9’fDCLn SV9MH • 
Cyutrai amricl Fr« • «4jc1VD* 8^n 
(ctta Lift. 7WC1FM S™ *64. 
7imeT*»0b 97^2002 £61 <tfti8*. ‘ 


Steel Bros S^SpcIndPT (£11 49 C17<8). 

IH^ T H° s i 5 t56 n * :m - 9p * n 

4 SiRf* ®1*a. 6-ioeDh 

198S-90 £72u f18:8i 
Storm gard (10p) 29 M «78) 

Sunbeam, Wolsey ar£0.2Si 2 Hi. BpcFT 
•lr£l) lr£0,2S <16‘8) 

5un»9>t Sendee 6UncW fill 55 (IB 8) 
S ?!SL C ^5W_? M <SB * 3,1 9StPcLa 
1 995-2000 £99 nS’81 
Swire (John) Sea* b.locPf (£1 1 69>i 70 A 


£56 a«/B). 

(£11 HU. 


(1987.921 £701; 1 ClffiBl. 7LpcLn 0992- 
I997i £67i; S (13,’Bi _ _ .... ' _ 


C^Kom? 1 AllSnw^WSi <Wf» 

?jzr.'iss£ti™ 

Sk-saMSAwr,*' 

Guiueall Pn» WflJli »- WumlVDP 
90,95 V 071©. -. 


sww 


Provincial Insurance 25pcFt UOnJ.SSJs 
Scottish Life 7&KLn 0997-20021 £S8t 
(18181 

Standi rl Ufa SdCPWTS* £37 06. 8> 

Sun Affiance London 6iu>cLn tl9B8-!lSI 


! svm-pSTSg-gft-nsrib * 

f urn^ni >w?s» I o^-„rt,or-' ilOol 22 > 3 Cl 7.5} j T— U— V 


B'lms-Andenon IIkLh 1083-84 EBj 
[ lllfi 

Burroughs Coro" *'51 £17 (17 41 

Burroughs Mach BecQh 1987.92 £74'; 
Burton Co Wis 97 tOO 7r--Lh 1975 
£90. SecLn 1998-2003 £60 (17'8>. 

9'«KLn 1998-2003 £72 (13 51 


Clvoc Port Authority Sue £14. Car £19 
Finance for Industry T4pc 1983 £t03 
■ IBS) 

Met. Water 3rcA '963-2003 £33': (1 0.3' 


Kraft Product >o"i 'T° eJ 22 - Ct7.B2 

L— M 

Ladhrolh Or » tuB 97 - 9oeL " 1990 ‘ 


T— U— V 

’filOl-c. 5. SecLn 


Sun Affiance London B'lPCLn (1988-85) 

. INVESTMENT TRUSTS 

Aberdeen 4pcPf (£1) 30 (17.'Bl 

AlfiaiiM PC |pcm S ^8 C VI3Sn: S LutDb £62 
Cl V A 

Anris Ammcari Secs Cp" ciotcPt £35 
Atlanu Bah Chiu Reg IWria to sub 


CulSdilf Pro, (» «». 
I 90,95 £61 V 

nttJftissi 8-fet 


PSHSSSr SSSs"ja«oV 3998-2003 

£81. 9rcLh 200-08 £30 8 


£81. VPCLn JOMSCTO* 
House .Froo » MM VO* 


BpcLn : 988-93 £6; 
Lapsrtc Ind 'Hidys 


£97 . 16,81. 7>:pc 1983-85 £91 23/64 

H 11 8 81 

Part of London Authority 3p« 1929-99 
£21. 6>;PC 1987-90 £3S 


COMMONH'EALTH GOVT. 


New Zealand 5'*pc 1978-82 ClQO'i H88I 
South Australian 3pc 1916 £24 ,|5 8i 
Souihrm P.hodcila 3PC 1971-73 £148. 
A bK 1 987-92 £46. 4 i;oc 1 987-92 

£99 


Caffym 6' 
Cakebread 


Caledonian Wdas S’.-pcLn 1954-89 £55 
Calor Gas Hide 7pcOb 1985-90 £68 ilS SI 
Cape Inds 7'.ptDb 1986-89 £7a». 7^PC 
Ln 1966-91 £67 

Carclo Eng-Q Gp io'.-bcPI <£ii 64. idk 

PI (£11 77 89 2 (18 81 


6':ocln 1983 £92 

Talboe Motor SliPcDb 1954-89 £79 06 8) 
Tarmac 5 -;dc (Free Inc Tax) Pf C£l»-54 
(16 Bi. 6UOCD6 1989-9* £S9 M3'81. 
6 LocDO ^1 986-91 £81. 8 ’aPCLn . 1 990-95 

Tarry d. W.l 143 

Tate Lvlc S>;ocDb 1SB0-&S £85 V 7 Luc 
Ob 1989-94, £681- 6‘rtKLn 1985-90 
£67, 7i : ocLn 2003-08 £618. ISpcLn 
1390-99 £101 1; 

Taylor Woodrow 7*.pct o 1987-90 £71 <: 2 
TeHos T2pcLn 1991 ClOfij flS-O} 


Atlanta Balt Chtg Rea (Wna to sub 

AmntK^AtsetsSpcPf i£Ji 38 8 1 - 

Ball lie Cm Boro Japan CVVrnts to Sub Ord) 

(Makers S.SoePf.f*0 C1T#8*, . 

British Assets 4':pcpf £33. » 4 (16,8>. 
SocAPf tw 

Brrtisll *PCDb (1 976-84 1 £89 »r (1S/81 
Capital Gearing 43 tlS'B* ..... 
Cedar BpCLn (2000-05* £164 5 M»<8) 
Construction HldoS r2Dq] 200 (13 BI 


JSSeffl *. WSu 32 

.13 81. 7 :PCPf .Ml M «... 


Thomson Ora *4.72pclstPf (£11 54": . 

5.B3pcPf l£l> 65 21.7acPf 61'-; 

(18 81. 3PCl*tOt> 19*4.941 £75 03.81. 
71.PCLH 1987-92 £62 ht«i 
Thomson T-Line Caravan* al-S z (13 8> 
Thom EMI 7pc2hdPf 1992-99 (£1) H4I; 
Sit?. BocLn 2004-09 £42 nM>. 
6DcLd 1979-84 £8B-V 7hPtUl 1989-92 
£72 (17.81. 7>-pcLn "2004-09 £621: 
(IB. 8). 8'xPcLn 1989-94 £74 C1£«) 
miliM (Thomas) 4.55pcPf (£1) 52 L- 3. 
S25pePf 1X1) 59. BocOb 1985-90 

£751, 7 08T8I. StspeLd 1389-94 £73 

fa 7:01 

Tloirlde ITTiod-o 1991-96 £98lz 9 U 


FOREIGN STOCKS 
(coupons poyahle London) 


China 'Republic oft 5 dc‘ 1925 I3100i £9’: 
(16 8,. Sac 1911 £15 (1618). Soc 19lf 
I £15 1 1618). 5 PC 1 905 £18® 

Denmark 'Kingdom of) 13DC 2005 £97>s 
8>: (*8/8> 

Greece (Kingdom of) Spc I914 £37'- 
(1 3'3i. 7 DC 192* StlgFdgBdt 1965 £40 
I13/8i 

Scam iGovt oft 4 nc £391 40 H3 81 


Cavenham 4<:pc1stPf (CU 27. 6):pcistPf 
• Cl 1 411;. 7PClsrPf (Ell 45i> (17 81. 
7':pelstPf -cl) 461: nei8). lOecist 


L*<lou'.nes b'4pcOb 1 9S ,‘ 1 a S? ^r."' ■* 8^ 

LiniQoa Hldgs lipcLn _ 198S-M £1-6 


Pf Ull 85'; 6 IO'.pcLji 1992-97 L <nreio bpckn 1987-92 £45 (1 3 8) 

C73 1?. 10 :DCLn 1991-96 (73 Londcn. Midland Ind 9'tBCLn 1988-91 

Cawoods Hldgs. 7'aocLn 1989-93 £84 T/jis (17,0) . ... 


CORPORATIONS — FOREIGN 


Nova Scotia (Province oft 16?mcLn 2011 
£126 ( 1 0(8) 

Pernambuco (Recife) (C. oil SpcLn iPtan 
Al £80 


BANKS. DISCOUNT 


Allied Irish lOncLn 1985 £107 1 18(8 1 
Ban- or Ireland •GovgrnerJ 7PCLn 1986-91 

Barclays B^peLn 1986-93 £76 U ).. 16nc 
Ln 2002-07 £126® 

Bareli. internal. 7',-DCLn 1986-91 £71': 
Charterhouse 7pcDb 1986-91 £69 <16iBI. 

8':ecLn 199D-9S £71 (13<BI 
Commercial Bank Near East (£Si £11'. 
2 t13i8) 

Hambros (£2i iSOp odl £9 (17 81. Non- 
VCS (£1) 38La Ij: 113)8). 7pCLn 1986 


£80 ■: <18 81 

H<ll Samuel BpcLn 1989-94 £65 (16/8) 

Llatds 7’lDCLn 1 984 £1 1 I I: 

Lombard Noniu Central bPCPr (Li 1 41 
113/8). SpcZndPf .£1) 36 it7)8l 

Midland Bank 14c«Ln k2bu2-d7i (£25Pd 
8(10,821 £32 < - 1, 1. U 

National Wcsiminster uanic 7ucPf (£11 
53 l: 90CLn 1993 £78‘« L 9'a );. 

Rea 6 rollers 48 (16 8). S.425cc2ndP( 

(LI 1 S4I- (168) 

Koval Bank Scotland S':ccPf (£1 1 41, 

IlncPI (£1 • 78 (17.8i 

Schroder* 8 SpcLn 1 997-2002 £67 6 

Smith St Aydyn iWdns.i 7ccLn 1986-91 
£61 r 1 8/ 3 • 

Wmtruit 10‘jpcpf (£11 93 i (16 81 

breweries 


(13/8) Lonoan. «or.n»rn 

Celtic H*«nn (5 p) 24 5 Lonoon. Provincial 

Central Sheerwood lOoePf *£11 80 iggi £66 '18 61 

Ccntfewav Industries llecPf CCS 1 66 Lonoon duck once 

Centre wav Tst llecPf i£.1i 63 (18'6) Lino 90 

Channel Tun/icf Irwin «5 b* 107 <18/B< Lonma F.-pcDb !?■ 

Char not 7pcPf '£11 42 3 n3'8i 1992 i/bHd dl. 

Charrlnqioits IndirK Hldgs lO’arcLn gj.'98 if:ecLn 

Chepstow '^Jacecaune t£l> 614 20 L “* s |nd t ,,KL ’ 1 

Chloride Group 7>>pcDb 83/90 £7l!»riB9i .... r „ 

Chubb Son BpcLn 92/95 £64 U n6/8i. ni ,inm 

B'-pcLn 87/32 £75 Mv Djr1 0 100) 

CUrke (T.» cop* 29 «t nasi ! Mjeeme iLonanri 

Clutsom-Penn lntni 8'jocDb 8S-90 L68\ , .•)• o>- ' , r 

■ 13'8i. 7pcPc2rdDb 86 91 £72 rl6/8i ; Mea.c.hn.« Bros U 
Clvde Blowers 140 . MatpmrsD" •ifo«a« 

Coats Paton* 4<:pcLn 2002'07 £351.0 ' £3^,16 31 

6’ipr.Ln 2002(07 €53 6. 7>:0CLn 90'95 M. fl ,-Ct a-oft-crw* 

£65'. 6 Mer.n (J and J> 

Cocksedge • Hldgs) is n. 9) 

Cooh/am Been ■£>< 20 ft7.8‘ Mar.a-r- •H/dgoi 3: 

Cohen (A.i A (20 d' 195 (1 B‘8* Miner Nat. anal be 

Comoen G^ouP 1 1 .S7SdcPf l£1 ■ MO. 7‘.pr 6 liaewi 2001: 

Ln 12/97 £64 _ _ . Mjnle 10 


Lonoon. Northern Gp 5.4ucPt »A1) 49_: 
Lonoon. Proiincial Poster Up 8'^cLn 185*- 

Loncon WU'SS. -f.1) 54. 14®cLn ,984 
Liao 90 


Mr; e.crifi* C-o 7'.-ecln 1 986-91 £70': 
M\ Dan O' ‘10p> 12 (17 SI 
Macanir iLonoer) , -:pcl(i 1936-91 £5* 
• 1. ol. < <D.cn lUSa-yl £S> •lie) 
Mtkc.nne Bros lOCL-n 13S4-99 bbio 93 

Macpncison -L'onaiai CaP 7 -«pcLn !9o9.3d 


M,g„ci »— I'hfrni S :3ccPr <£11 5T1; 
Mar.n (J and J> Paper Mins i2bp) IS* 
<1. 9) 

Mar.aer: 'H/dgsi SocF* i£f) 332 1*2 'll SI 
Manor National Up MMH IO-:P» i£' ) ub 
6. l2pcvn 2003 £63 

Maple .riiogs.) 10 :PiLn 1998-2002 £75 : 


t W7J /'W*.. 1 %T«S 0 Sr»i -,, B5 i “ n 46 ' 5 :0CW 

4f'! •«"»» "*W V'iKLn 71190 £68 \ 7^P?°i£tl S8>. IJpcPf 


Tlmrlde VTijocLu 1991-96 £W: 9 U 
(183) 

Tongan C omo ro »p (RO.IO) 95 «16’*» 

T00UI SDCPf (£fl 38^: 9: ft7.«). 64eDC 
Db 1985-90 £70: (1719). 7i«ocDb 

J 985- 90 £74-*: (IBM). 71tPcLn 1989-94 
£S8>; 60 

Towteg A ft Op) 42 CT3«> 

Trafalgar House 7i«PCPf £1 53. 7PcDb 
(£i: SI (17'8*. BpcLn 94,99 £65 9t.-pe 
Ln 2009C5 £71 2. lOLocLn 2001/06 
£80 

; Transcanhda Plpedaea 16<:PC 1st Mts Per 
| L/ne Bds 2007 C106U 11 7/8) 

. Traospert Oewfopmenf Grp 9<«pCLn 
95 2003 £70 "a- 5: (16.81 
, Tranwood Grp (Sp) 6-** (18,0 
■ Trefus ZOpcP* 26 

Truethoose Forte 6.2 5 pc 1st Ml« Db 
84 89 £72': (17/fi. E.2 Spc 1« M*n 
j Db 85-90 £701;. lO.Spc Mtg Db 91 96 
' £54 r-17 8). 9-fpcLn 95.2000 £75 :- 

‘ Turner and Newall SpcLn 87 92 £71!; 

! (te V tg.TpcLn 9095 £7B. 1*1 J.pcLn 

1 95 2000 £82.»a (13 8) 

I Track (W. A.) (1 Op) 18 117(8)' 


Constmclion Hldgs f2Dpl 200 (73 Bl 
Domini oa General SocPf £35 (13'8) 

Dravton Cor-sld 5PCff £39'; ,, _ 

Drayton Premier S.SnePf £S7ls (17 8*. 
SPCPf £37 (1 8 6* «/ pcDb £3?a. Tjjec 
Ln (19931 £122 USB). 7*;piALn ,'199J> 

Edirrtmrgti ^American Asset* 4i;BePf £84 
(17/8). SPCStrbLn (1973-981 (£!r 395 

edlfSmrgh SpcOb 121 ij J17.9i 
English lntni 5<:PCPI (£1) *o 
Cogftv Income S-'aPCDb <1983-851 £86 
Fir« a SO»t*lsh American 3l;pcPf £37 'J 

fEmlM American SdcPf £40 Cl 8,'8L 5 DC 
Ln (1987.92) £103 (16.01 
Fleming Far Eastern 4«spcPf 1£1i 35 

rf ernlog' Mercantile '4ccPf (£11 31 <’§ A': 


i avflUin *•>.• 6VBC 

1- gv.^OOO E70 Ilf'Sl 

, McKay See* CJP '2 Qpi_ 1 i.tL.fIJA L 

! Marlborough Prop Hid®* -tOpcLB ."W'2eOZ 

Mucklow *A J ' Grw» 1 SuntHtD? 

2000-05 £100 (lav* 1 , ,_ e 

North BMI'Sh Pro* 9'USCLri 19W £97-; 

(4a°°hey P^n Coro SKPf <£H 31 ()»'«. 

pS'S&HItlS “ T* 8':PCLh 2O0MJ6 

t£5S Citr Ptop. WU 10 <1l/»- 1*f>eLn 

sttt sU» :«raoM W: 
(ib;» " 

PLANTATIONS 

Aberfoyl* (Bbl 3 4ij S 

Dunlcp 6PdPf (£1f 42 


Fleming Mercantile '4ocPf (£1 ) 3J <’ 8 BJ- 
SgcPt [£T> 3Blj (16FBL 4lsPcD& £19831 


Foreign Col SPCPf «1) « <W». 


Glasgow Stockholder* SocPf ttl* 38 <13.® 
Globe SLpcLn <1 985-90) £163 C13;B). 
IlijpcLn (199Q-9S) £11*1; 


«£*££ [90. *92 03/8. 

(10.1 223 

1 lira Rubber (1MI 3e (18/B) . 


haH (Rubber) Dey 5vn OOP) 325 


G^e^Ni'; rwiiis'n wb’ofg 32 I»8«J ■ JCmU Kolta Rubber Estate* Offi» HO 

TBSaffSz-ftVSINaSikW®! 


1986) £83 (17 B> 


Hill (PJ UIjPCDO riV79-03' ».sru>: n » o< 1 nvnwm, 1 ' • — — — . 

Investor* Casltal TLPCDb (1992-97) £62’: ! p55:iL eJil w’Runrwr fiOr) Jh 

(,980-851 £«.: ! -3» s*6iV» 


AllieC.Lvon] S-:0sPi tt... *6!- (1 8 ■€>. 

7i:oiPt (ill 61 >: (17 UI. 3>.0rbt 1987- 
1997 £38<- n 8<6i. 4<--PCDb 1979-8* 

£86 1 ■ 5'iPCDb 1979-34 £87 8 (18>i. 

3'rDcDb 1979-84 £87 (17 Bi. bncDb 


1 iiea- ■ 

Co sal: lO.SnrPf i£l 1 94 
Courlauldi 7'jpcDb 89‘94 £S9b. 9>:t»cL" 

9496 £S3: Ll SirocLn 94. '96 £59 
■: la. 7LocLn 94'96 £82 I- 3. 7'tDCLn 
2000/05 EBO's 

Court a]d» Knitwear 7*:DCPf '£1) 40 F13 BI 
Courts 'Furnishers' 81 M8<St 

S ovran, de Grucf ibr^ePf f£»i-pr*- 8 
Dwie IT. 1 lO'/DCPf 'El 1 105 'l/'Bi 
Cruda Chemicals lntni spcPI •£» 34 
Croda lntni lO'.ocLn 91 <96 £82': <17181 
Croda World Tridcft 7ecPf l£1» 45': 
Cromle (Vo no idpcLn 1 302 L98:- !, 
Crojbv House Group 7»cPf <£1< 4 8 ft 6/81 
Crouch Group SpcLn 93'96 £7S 
Crrslafatc Hldgs 9'ipcLn 99.'200Q £186 


Marks ard Spencer 7pcP» C£t) SB/:. lOpePf 
<£l> 75 • 17.8i 

Ma/snails Halifac IOpcP* ££1) 64 1I68) 
Marsnarl * Un, versa: f-zotPl .£11 70>.-« 
Mav and haaseii dsePi >£1) 36':. 9/44*30 
1994-97 £75 -18 3) 

Melt, ns <5P) b ,1a 3). lObcPf 20 C2 S) 
Metal Bo, 4 9pcPr vS-l) 45-16 bi. Z.opcPf 
■£!/ 27 : I1S8J. lD-UKln 1992-97 

Meyer (Montague L) 7-^cLn 1985-37 
£71 1; 

Textile* llecPf (£1 > 100 C17/8) 
Mills. Allen , Hldgs) 6 :pcPf ,£1J 38 <17.B) 
M--.C.1CI) LOIU up 1 jP.LD Us <; 


livy. 

Sas??nvs»* BpcLn 1965-90 £631* 07'8>. 

7 /«acLn 1992-37 £6d'aO 
Boll (A. 1 Sons "LpcOb 1986.91 £,0'- 


ORG 7J.PCLI* 86/91 £73 
Diigetr 4.GSocPf <£li jc i- nj-B- 
Davenport. Knitwear iTOdi 183 I17IB1 
Davies Metcalfe tlOoi S5 

Dc La Ru« Z.45DCPT -£! 1 Z3I- 
Djbwlnim S'.-PC2ndDb 79 '83 £96. 8V PC 
2m>Db 90 '95 £57 H7'8> 7<^e2ndDb 
91196 £57. 6>;pCLn B6>91 £65 MB'S,. 
T/.pcLn <0a2'07 £57 (18'8<. 7/ipcLn 
2002 07^60'j (18/81. , 1 1 ocLn 93.98 


Monsanto 6UPCLX 1992-97 £52-: 0 7 8). 

5ec*.n 1982-66 £120 1 2 rib dl 
Mou Bos <2iaol ,37 (J 7.9) 

Mount Cnartotie Invst 9':DO.n 1995-2000 
£10bf<; 72 <16a, 

Mult, toco Electronics New 168 9 70 1 


UDS Grr 4'«pc0b 6590 CS6. 6pcDb 
78 83 £93*1 07.81. 72pcDb 85.90 £78 
MB 81. 6HpeLn 200207 L49> 

Ulster Television Non V A 73 
Umflcv Hldgs (lOM 19 
Unlsata S'/PCOb 83/88 £72l r MB'S). 

7>aPcDb 86 '91 £75. 5pc U 9V96 £45 
8i«: 6--:oa.n 9V96 £574 n«'ir- 

UnUwer 7 dc 1st Pf (£1) 56. Soc 2mf 
Pf '£11 65 ft7<8). 6*<OcDb 85'88 £77 r. 

<: 4 A eO'i. 5'rPcLh 912006 £4S':> 
7’aOCLn 91.2006 £64 la 5 « ': 

Union Intntl 6 PC PI (£1) 34'; B. 7ocPf (£1) . 

44. IOpc A Pf (£1) 60 MBS' 

United BIscirHs -HldgM SpcDb 93/98 £72 
FIB St. 5<*pc£n 2003108 £43 ftS'B) 
L/nrtcfl Gas Industries 9ocLn 93,06 £68 

UMtrid 1 GUsa 7Uoc 1st Mts Ob 87,00 
£820 

United Newspapers 6ocPf (£11 40 Ll 8.8) 

Uoton 1E1 31 *17'81 

Uoco Hldgs (RD 115 9 20 


Lake* 1 3 VVew 3'^cDte Cl 980-851 £82': 

(13.81 

Law, Debenture Cpn . 3.85pcPf 'fill *2 
London Cart more 9':PCDh (1991.96' £74 

London Tst 4ocPfd (£1) 40 M* S' 13«PC 
•Db (2000-041 £96 •» 102L l'M« 
Midland 99 (13 8) 

Murray Western dirncPf f£i v 35 f'8-R' 
Nn) Darien Oil (Wrnts to sub Crd< 16 
•MBi'Br 

Now Tokyo (V/mt* to sub Ortfi 30 
1928 Invjt Tst 6'apcDb (1993-2003' £S9t 


| Rgwe c»»ni -Ib*m: -.730). 33 
/ St/r.rtjb Valley Tea .1 24 

‘ RAILWAYS 


! c r-ieT p *s5?w r ^r l ? w c-3>.- W - D ‘*^ 

l Trarwf £47 -1 


ft'nterth' Tran»f £47 "1 ' - 


Qf-rartn anti QurtvrC Railway 
i 13(B) 

■ SHIPPING 


North Atlantic Sec* Cpn 7i-rcLn >1 995-96) 

NonSyrn ,B Amreru:an 2:-p eDb (1972-87* 1 UTILITIES ,_ r1Cl 

£99 (188) ‘ Calcutta Elect bupbfy LJrt« (l«^4. (BMC 1 

Oceans Dvot 100t 1* M7 .’8) 48 MT.'8i , ^ . /r « — 

Dulwich lOoePf (£« 102 1 Marxneslcr Shis Cat**! SorPt tti, 

Pentland SocPT £40 *16/85 j 4pcD0 r^L 1^, 11a roou - 19 a O'- 3’*« 

■ssrp^" w m “• a» 

23 * s 5 - i “ *“ 

Raebum SocPf MO < WATERWORKS 

Profits issue* 7-:ocPf <£i) 36 • I omutn and Disir.cz water S5ac 

River Mercantile S zocSXi 89-94 £74 V ; “STot-'aC 2 WcP* £17 <:i?8'- 
5»: C16» Wittmiaki 4JK £47 S': «17.'£ .. 

River Plate Gee SpcPfd *38 , ft 3:81 ' *3.Sse taST^Jl^'Fi- S.SsrM £3^_:- 


4.825ocPf '£0 46 (13.8) 

Raeburn 5 pc PI £40 

Profits Issue* 7 : :ocPf (El) 56 • 

River Mercantile 8 : ?ocOt) 89-94 £74V 
h,: cis w 

River Plate Geti SpcPfd *38 ft 3.81 


□ ecca fipcCrt 80'85 £86 
Delta Group Spcl stPf 38 (18 81. 4' : pe2nd 
Pf 1X11,30'- ft 3/8* 7*/seDb 85/90 £73 
6. 1 0’iBCDb 95'99 £85': ft78i 

DenttPlv 91-DCL* 81 <91 £84 ft 6, '8. 
Dcsoutter Bros (Hldgsi 5.250CPI (£1) 43 

Dewhurst Partner ft Op) 16 
Oowtv Grp 7pcLn 86 91 £57 (17 8) 
□uncan IW.» Goodridge i£1i 422 S 


flulmnr (H P.) Hldgs 
(T 8'8i , 


:DCP1 (£11 10-f 


Pf /X15 30I; ftSffi. 7VueD 
6. 1 0'.ocDb 95-99 £85'; 


'V’:r„ L ?s s: 

, , ,r,',! 4 7.f|?L, J «".,, 20 T« S9 

to-run 1990-95 £B6 lv.„ 


. 7oc2ndDb 
8nc2ndDb 


NCR Cpn <S55 £30t> 1: 

NSi Newsa-je.ru IDpUn 1990-2000 £.155 

Nash Ind ao 2 - 

Newev (ip SPCPf t£l> 26 ■>*«) 


Valor 61«PCPI (£1) 71 (16(8) 

Vantona Grp 4.9pcPf <X1) 39 ' ; (1885 
Wkers 5 bcP( (Norv-Cuml (£1) 29<- 

• 18181. Soc (Tax Free te iOo) Pf ifiti 


New; Innl upcPI (£1> 53 (17/8) 
Newlcm. Chamcors i-cePf «J> 30 
Noble. Lund tlOp) lo:j 1 
Norcroi 7/<KU 1977-B2 £99 Ij. 14« 
Ln 1984 1103: (18 8) 

North Br.I.Sh steel rp 'Hldgs, 30 
North .M. F.) 4.2pcPf ȣl) 62 (13 8j 


Da^nport . B^w (Htdos- 1«« (16 8. j dS^o" H"dg» Sjf£w*.Vl / 42'- 1*.. E 

fi-K” I RVi^iwSb A 90 7 «St 70^3 

Grmr-iall Vfbitle* " 4*5x0- 35 fl 8 Iv’siw Dun '°° T '«"“ » ** *Vl 

(£1i 89. 7pelrrdLn £48 (18 8). 8'.»peirrd j 

Gre’ric^*" King 6',pcLn 1988-93 £5B': 

M6.e< _ I CIS Grouo 4 PC 1 it Db £32 (13 8- 

Gu.rncs* IA.I 7'<dCLn 2001 £6*!-. IOpc ERF 'Hldgsi 10pcP( l£1» 69 ftB-B' 
Ln 1393-93 £79 '17.-8- 1 Eastern Produce tHldsi io: ; ocLn 32 97 

H3rd-> Hansons 416 7 »1B'3> 

H.gson* G':PcLn 2000.05. £55_ M 8 "■ Eldar Inds -SOpl 70 
Hnme Brewerv 5',«H (£ll 45 H39i I Eller roas M<H 11 (17i8< 


w — y — z 


St Andrew tk S'.pePr £A\ <16 81 . 47,2 &pcpi iobvld £73 cis.a;- -oecCa 

Scottish Mercantile- 1UC - til '• ' " " 

ScctU th cities 6<?BCLti 77-82 £98 rsv-P) Camn-V-BC 4 DC DO £27 

Scottish Eastern 4<:pc1M £33 - C7.81 C7i: 2 OfeBl- 9<6KDb 159I-37 

Scottish Mortage 4'JOePf *33 08 E). S-IPC 1 £69': •."•SHI , ___ . ... 

Db (80/85) £79 (13 85 ■. Co»J*e ValLu Water 3.5oe £33 :. A 

Scottish National 6ocPf 43': ft BIB) , Ltl': J1S1) C ^ <t JS*’ , siJF5- 

sc«t*h Northern 3ocD0 H92 or after) } Jottb 

Scottish Ontino SncPI (£1) 46 ft3.’8) I 1951 MS ’CI6W> _ 

Second Alliance *'»=Pf £34 ft 6-8) J 3 »?S*82?3 

StoeVbo'ders 4i»ePf. E3S (im (161!'!. 9o& 1S8S tior?: w»s 

TR Ausrralia Wl« to subse 47 't7-8> rl|-85 9w:Dd *997-94 £74-: M6/B) 

TR Industrial General 4laPCDb £31 : s . J^pe Cast »(Tey WaJ**- 8 4.3pc £47 (1*81 
Dh 9237*49(178) 77^ I 7»tDh 19B9-91 £83': *13-81 


Waddlngton (John) BrcPf (£1) 36 (1818) 

wSJde P, pStttid« 7 (10BcPf (£1) 76 (17'B) 
Walker and HMsi 0*1 11 


Northern Eng Inds 3pcPf <L1) 30: 1 16 8<. i walker 'Alfred) (lOpl 38 M7 Bs 


wkcw gmano wn an tt. . 1 1 ^ _ rTC 

second Alliance «'»cPf *34 ft 6-8) , Eas: Anghan water 3 

StoeVho'ders 4i»cPf. £35 firm £gg: (,6%;. 1S8S *£10851**-*: 

TR Ausrralia Wl« to wHc 47 rt7-8) rl|-85 9 pc Oh 1992-94 £74-: ■16/8) 

TR Industrial General diaPCDb £31=:. S^pe £*** Sunney WJ^*- S 4.3oc £47 <18 81 
Dh 9237*49078) I 7»tDb 19B9-S1 £63': *13-81 

TR Pad ht Basin Wt* to sub 79 Bo. 6'ade I Ea-r Wc-cestt-shire Watr-wor* * 6 to* P‘ 
Db-97 2002 £52':- <18 8) . 1992-34 £74^-0 ' IS-arr*** IMi 

TR Truaees Cm 4‘zdcW £34 U3 8) I £98-: 11555 . ___ 

Temple Bar 7 pc Pi C£l) 54 *17.’B). ftsUn' ta-*fDO-»vm! Waterwcrkl 9.6rcm 
87.-91 £100 <1ES1 ' £77-.: IC/jPcDj 1993-97 [»'• 

Thrisomorton 7',ocDb PS(C7 £82 : Es-scv Water 3 5oc £34': a/« •♦*8). S ir» 

Trans-Ocean< SOcPf Cal'* ! *38 '1» E- 2 4=>ftP* £24 ftt * . 

United States Debenture Cpn J. F j pc Pf J.«« ::5 1; 2 J#Cf* ?«(;•% I’.. 


Db-97 2002 £52 : :- f 1 8 8) 
TR Truaecs Cpn «h^cPf 
Temple Bar 7 pc Pi (Xt) 54 


3.*3pcF( 
tubsc 28 


1591-96 I5l =h , - 713 
Har-lrsdil V. <ter 3.SW_ £31 '« 

4C:s.p=P* 19J3 85 £77 -T ? 9J 
ire -ai-cr Water 2 8sc L27 S .-c 


Water 2 8sc *27 


Hol,: H,dBi 1,, - eW 1986 1 “ ! JSU’W., (So. 30 

Noiunaham Mnrg 6'aPcLn 1993-9B £163 < Weber Hldgs (SOo) 545 
.;18- M . . . . . „„ ' We'r Go lOncOb 88 94 

Novo industri AS B Shs 1215-s . wesfland 7 '<dcLi* igg7-S 


In-ornaHonal DutlOers Vintners 4l:»cpb 
1002-07 £39. 6-VpcDb 1981-86 £80% 

Mansftftd (£11 415 
Mar?: on Thompson Evershed 94 _ 
Russell's Gravesend 6pePt (£11 40 (18/BI 
Scottish Newcastle _5 l :PCPt (£1' *6--. 

7‘aDCPf (fill 65. S'UPCl JtDb 1979-84 
£93. 6PC 1 stDb t| 84-89 £74 6 ‘.PClst 
□0 1975-83 £98l- Ilfi/St. S'aPClStOb 

Shlnsfobe (j!. S apclrroDb £27 M3-8i 
&£ ,r &.7 ZSGVUA? Vb| B C , 13/85 
Watncv ' ^inn^Tn^an JijPCOb 1978-83 

1993 £68 '1. 7'ibcDbDb 1987-93 £69 '1 
70': (17JB1. lO'-PCDb 1990-95. £8B *r 
5i-0CLn £*0’« (16'B). 7 '.pcLn 1094-99 


El Moll 'C.l 12 

E <!' 0 « ?I°V° A' 7*terdoroi«b 9ceU 85/90 | Parker. Knoll 130 ft 3 8) 

EHu* iWInibledon) 230 t16 8> ™ l * fHldS1 ' 4 2 ^ ft,) 23 

Emm* (T.) dOgi ISO 5 i17;S) .,!« ,, T1 n* ff , 

' 9UPCOb M ‘" P«^n J 2ihon^ lOKff <£1) 102 
FngHih Electric S'rPCDb 79/84 £88 *IB(B1. pj ? JfiV faSa m 3 »Vv 
E pcDb 80:85 £86. 7ocDb 86191 X75 l; ftKSST. *<»?« ji'o 1588.93 *53. 

Excallbur Jewellery ( 5p , a <18/8/ 6-aPcLn 1988-93 £59 

' al ‘ Pearson (5.) ^ocLn 2001-05 £34ta f)*(8>. 

FMC 5A5BCP1 1*11 49 oiPVjS* 680 M7r8> - 

Flirdale Textile* (Spi 21 2. A KV £5 p) “ ' 99S-98 £98 

161- 6 /- Pennine Commercal Hides I'S'jpcLu 1986 

F rrr«n*‘;, J SDc2«)Pf Cy5,_39': C1 3/8). *5St *18(8/ 

3-85pc3rdPt |£1I 42': (17IBI Pent PS Dtd <2t>P) 12. 4’apcfM <&1) 17- 

t* 1 ' M (16/B). 1 SpcLn 1990 (3erA' £72t18/8i 


Oceana Consd 53 riA8> 


GpcDb 60:85 £86. 7ocDb 86(91 £75 l; 
Extalltmr Jewellery (5oi 8 08/8/ 


FMC 5ASBCP1 1*1) 49 

Fiirdate Textile* (Spi 21 Z. A KV £5 d) 

FerrfntF j^pc2»dPI , ttll 39't (13/8). 


We'r Go lOncOb 88 94 £77 ft7 Bl 
Westland 7><ncLn 19B7-92 E6l '< 6 
White era*: o.ipcPi ui < 39': . 

Whites 'Tlmotbvl 3Uoc 1st Mtg Db (8?' 
£2) £98':. 6'uKLn 83 B8 £72 (18IB<. 
BPCLn 86.91 £72 3<* 

Whitworth and Mitchell Textorlal 7>:pcLn 
94 99 £45 *16 B) 

Wig (all (Henrv) 6 >< Ln 94*99 -£48 CI-3'8) 
Wiggins Teape (UK) 6'apc ZndOb 51.46 
£84 (1718) - 

Wlllav 9.5dcPf Ctli 81 (13:8) • 

WUseaw Sac 17 8 S *16f8i 
WHson (Connolly) 1<)*a>c 2nd Prf £1 92 hi 
(1318) 

Wire end Plastic Pdts ft Op) 37 ft 8(8) 


• IDO/, oiepciwii Vi ka.i ■; ¥18 > , ■ViV-TV m. M . Z ‘ir. 

Da Beer. 40PCP1 ;R5) (Read) £6 2001 C-I ‘i? Jtv, iiK 7 ■£>’,' ’, B , 5 
BptZndPf fRI) 16 ! fjS 7 1986 *53 '« <!.■ »•- 5rtO? 


El Oro (IOo) 62 M6 81 


Globe Phoent* 02^) 40 (17-8) 

Kmu Kdlas 600 068) 

M.T.D. (Mangala) ftRl) 19 >18(8) 
Minerals Resources (SB1.40) 350 5 
North Kafottrfl Cpt to svbsc t <18 61 
Nirthcbart UweKsfRQ.lO) 3 5 (17.6) 
Rio Tlnlo-zmc 410 1 5 7 3 22. 3-32SPC 
API t£11 38 (16'8). 6pCLn 85190 £73': 


North 5urr<hr Ware- Tpc £62 ft* s ... 
3.5ocP»_£3S’«. 3 SSKRndP* 19S3 £ 72 
t188\ 5.42bor.RdPf 19;b-33 £74 \'1(T S). 
9'jOCDcO 1994-96 £74'- .'17(3' 
Ponsmoutli Water 3. Sot fjsu SiiocPen: 
Oeb £23 7peDcb 19“d E6 £82'*». 14pt 
□eb 1992 (Fr,Al-99-<r2l £105' 6 

(18/B). 14ocDeb 1992 (C25Pd-9-.9<52.‘ 
*27'?* ■« e-| *)16 117 f.) 


C61 '• (181*1. BocLn 1990-95 £69': 
Whitbread ' B 122 (16lB>. B'-pcPI (CD 
40 M7I8). SPCPf (£11 «tfi- f 1 7'8). 


7prPf (£1) 58 K 41-pcDb 1999-2004 
£40. 7‘jorDb 1989-94 £72» 7'.PtLn 
1986-91 *70- (13185. Do. 19*>S-9P £64 
'J I-. T/.oeLn 1996-2000 £65. 9oeln 
1907-2001 £68 (.16(81. iO<:PcLn 2000- 
200S £83 Zr 

wh«tb'«ad Investmont 132 

Wolvnrhampioi* Dudley 6ncP( (£11 41 
(13/81 

Young and Cn 9ocPr (£11 94i- rl^ 81 


COMMERCIAL, INDUSTRIAL 


SpcZndPf (£1) 44 
Flsons.6V.PcDb 1984-89 £731- 
Filch, Lovell 7'.pcLn 1992-7007 *58 /< 
Fobell lntni BPCLn *938.33 £S6t. 7'i 

Fogarty ' 10’tPCPf «*1) B6W 
Folkei (John> Heto i5p) 13 4 

Ford lntni Cap Corp 6ocLn 1981-87 £70: 
(18*81. 7UPCLn 1980-86 L77U riSiB) 
Formirutcr 10':pcPf l£11 90': 05 8) 
Forto HldBS 6, IpcDb 1983-88 £731; 
Fortnum and Mason 'fill 830 
Foscco Mlnseo 8Upc2ndPf J15. lOpcLn 
7993-98 .£,05 

Fostar 'John) Son SpcLn 1988-92 £49 

I1313> . 

Francis Ind* 9ptLn 1994-99 £36 - >1 a.Bl 
Francis Parker 7 ':pcL>i 1965-80 £66 7 'i 
(18/8) 

Freemans 7p<Db Z989-94 £67 /j (17/8) 
Future Hldgs 99 (18,8) 


13peLn 1990 l5erA' £72 I18»i 
Ptlier Inc *511 1-9th) SStPi C1«ifl) 
Phlcom SocPI (£11 82 
Pirelli General 7nc2ndDb 1986-91 £71 

(IS«< 

Pi (man lOoePf (Cl) 78 01 7/8) ' 

Pltfard Grp 9':scPI (£11 75 7 
Pitney 7 bpcDb 1992-97 £64 'a (174) 
■srlals Hides 6pcPf (£D S7 ft3 Bi. 9 ; pc 
Ln 1994.2000 *140 1 


APPOINTMENTS 


Portland Hldgi '373.501 9 ft 3 01 
Portsmouth Sunderland Newjoaocrj Spc 
Pf (£1) 56 

Powell Dulfrvn 4>.pePI (50p) 16=: CIS 61. 

SgpcDb I9B4-B9 £69'; (13 8) 

Pratt «F.) Eng 7'«pcLn 1967-92 £51 
Press Tool* non) 29 31 (16 Si 
Pres, 'William) Grp HOP' 61 2 3 
Prtssac Hldgs tO'UpcPf fill 78 9 ftB'Bi 
Priest Mariam Hides (£11 2SO®. 6ecPr 
(£11-51 117-81 

Pullman (R and J.i 7 pcP! a Op) a (,6/ff> 


AAH Hldgs. SpiPI UI) 44 1, 

A.C. Cars (Sp) 40 (13181 
AE llocDb 1991-96 £90t (17/6). 
Ln 1989-34 £62'. (18>8) 


Hawker Siddeley Group 
main board post 


Mr- Michael H. L. Lewis has ' to thp board 


KEADICL'T 


been appointed to the board, of INTERNATIONAL, the parent 
HAWKER SIDDELEY GROUP, company. 


He has been deputy chairman 
and managing director of' R- A. 


LESSER BUILDING SYSTEMS 


AECI 5'; pc PI (R2) 25 <16'B) 

A P V. Hid ps 5 25pcPf (£1) 55 (1718). 

lOpcOb 1990-95 £82 
Aaronson 8ros 4.25ocPf (£1) 37 
1 Acr«w BocLn 1992-2002 CS1 (16(8) 
Adwcjt Group 6pcLn 1983-88 £67 (17)8) 
Acrllnte Elrcann Tcgranta 10'rPcDb 1991- 
1 996 £81'. 2-i (13 8) 

Apronauucal and Gen Inst. 4i-pcPf t£1) 
29 

A'brinht and w.l Son r'.pcDb ,965-90 
*69'-. 70 (17/8). BocDb 1987-92 *71 

’ i JW 

Alcan Aluminium C1H; (1818) 

Alun Aluminium (UK) fO::»CL)» 1989- 
1,994 £86 >: 

Allen (Edgar) Ballour 7-'<pcDb 1987-92 
£70'*: ( 1 7/8, 


G.8. Papers 20 4 i 

GEC. Elliott Automation 6':PcDb '981-66 
*34 '18 8). 61-PCDb 1989-94 £64<^ 


GFj Intntl lOPCtn 1987-92 £820 
GJt. >Hldg»l lQi-pc2ndPf <£1) 92 


Q — R — S 

Quick H anq j.) Grp lOnePf (fill 80 


Lister and Co., a Hawker Siddeley has promoted Mr Barry Thomas 


General Electric 6 pcLa 1979-84 *87> 9V«. 
7G0CLn 1 9B7-92 *S S 73. _ 7?.pcLn 
1988-93 £70 <•. FlZg R*» Can 1985 

£101 t? h 

Gaoeral Instrument Coro _ (511 £16/i 


Geooral Motors Corp CJU'- VdSij (15 8). 
7kiLn 1987-92 £67 (17/8) 

.Gestctner Wdgs A iNon-V) Cap as. 

lOocLn 1990.93 C 73 
Gibbs and Dindy hop) 80 
Gill and Outfits Grp 6bcPT (£H 31 
GlanMId Lawrence B 122 MS'&i _ 

Gl.*»o Cro 6 .'jpcLd 1585-95 (50p) 30i« 
(17,8). 7 VuscLn 198S-95 <50p; 34*; 

• IB'BI 

Glaxo HldBS 7!ioeLn 1985 £290 T I 3 
Glvnwed IntntUT ‘4PCP» t£1) 48 ' IT'B) 
iD'iKUT 1094-99 £77. 6ucLn 1963-85 

Gnome ‘Photographic Products (1 Do) S3 
Goodwin Hopi ili- 

Gorpon Howls 51-ocPf f£1) 33'- (17/8. 
Gram nun Hides 6tpct» 1984-89 £53 

G£*nd^« SpcJH i £11 43. IDPCLg 1991- 

Grant Uamai (East) BiyJcutOb 1961-84 
£94 U 113/81 . 

Great Unh/enal Stores SHpcLn £3B. Bhioc 


Allied Suppliers BpcLn 1902-87 £70'< 

1 2. G'.PcLn I992-Z0O7 £50*. I (IT'II 


Amalgamated Metal 6pcPf (£1) 59 (16 B) 
Amber Day Hldgs IfliyiePf 1999-2002 
(£11 54 (16/85 . 


(£11 54 (16/85 . 

American Medical lntni. (SI) £14 ■< 
American Tflenhone and Telegraph (S16g> 


American Tdlenhone and Telegraph (S16g> 

s.55%: 

Anderson Strathclyde SpcLn 1986-91 *72 
S’: (17(81 .... 

Arcoiech-K (Hldgs) (5n) 13 (18(8). A 
(59) 13 4 

Arden and Cbbden Hotels (SOo) 200 
(16'8) 

Argyll Food (Wts to ?ub for Ord) 18 9. 
BocPf f£D110 (18(81 


• la's) 

Glaxo Hides 7jy»cL 
Glvnwed IntTirT 7 T> 
1 0 % pc La 1994-99 


RFD Grp 5>rcPf '£11 27 <13 81 
RHP Grp 7 PC PI (£11 491 Ztf. SpcLn 1984 
*88 

RTD Gru nRO.SOI 18 416 61 
Rang Orgn 6^ocPI (£1) *34 jJc- 8pe2nd 
Pf <£1) 64'; S'.'PCLn 1930-95 155. 

6p«Ln 1983-38 £64i s - ft7 8*. BpcLn 

1958-93 £70 *17 8). .10**PcLn- ' 1997- 
2002 £BZ 3 '• 

Ranks Ho»-s MtDoug all SoctsftPf (dl > 46 
<17 8.. 6peAPf (£1) 49 ftSSi. 6MH9 
(£1) 45 (15 5*. 6 'spcLn 1985-88 £73 
S', 1-. 6*»0CLn 1983.88 £7S'r 18,6'. 

7i.Ln 1981-86 £E4) S 5 (18«). Wjb* 
Ln 1990 94 £&9* 3 (1818). 8 tKLn 

1991-95 £73 >, 4G 
RaicliPr (F. S.» In d* 22 ft6/81 
Rivbeck lO’-^cPf «£11 92 
Read cut lntni S'.pcLn 1968-93 EfZ 
Reckilt Colman SdCPr (XT' 42. 65,PCOb 
*935-90 *74 Z, .. 

Beoiand SocPf (£11 46 P17'8». 7>:PcDb 
1990-95 £69 (18(8) . 

Rend (Austin! Grp 94 


Reed lntni 4‘->pcPf fttll 31 ft3f8». Sac . , 

i£D 34 o s s). supcPf Cl) 41. r pcPi j Bank, and succeeds Mr W- Grimn 


company, since 1971. 

+' 

' TRADE EXCHANGE INTER- 
NATIONAL has appointed Mr 
Anthony J. Harrison a director. 
■* 

Mr David Reid is retiring as 
secretary of LOW AND BONAB 
on August 31. He is succeeded 
as secretary by Mr Michael Long 
who was appointed assistant sec- 
retary of Low and Bonar in 1977. 
■*■ 

LONDON INTERSTATE BANK 
has elected Mr Robert BL Kobrs 
as chairman. He is a senior vice- 
president of The Indiana National 


7',pcDb wo-’g/'isT? £K?i.| MorreL Jr. who continues as a 


to commercia] director. 

* 

C. E. HEATH GROUP has 
made the fallowing appoint- 
ments: Mr E. G- Ross dale has 
been made an additional director 
of C. E. Heath and Co ( Inter- 
national): Miss M. C. Ross has 
become an assistant director of 
C. E. Heath and Co. (Inter- 
nationa]); Mr P. J. Loan has been 
appointed an assistant director 
of C. E. Heath and Co. Anation i 
and C. E. Heath and Co. 
(Aviation Reinsurance Broking). 
Mr P. J. J. Foote has been made 
an assistant -director of C. E. 
Heath and Co.. (Reinsurance 
Broking): 



Mr Michael Lewis ]oiiK 
Hawker Siddeley group main 
board 


, Ariel Indium PS C25pt 29 : : 30 
Alprty g/.pcPf r£1I 1021: 

Airxo-NKhoiss S-'JBCPf (£H 41 
Awed 8( Itlsh Engineering 7pcPf (CD 40 
(1 8‘B) 

A3 sed British roods S'-pcDb 1981-86 £84U 
Si; (16(8) TiccDb 1988-93 £69 (18 *)• 
Si-OCLh 1987-2002 (SOpl 23. 7»:P«Ln 

(987-2002 <50*1 31 >< DO. 1994-2004 , 
£410 <1818) 

Assed Daiires Grouo g?,ocP( (£1, no 


Ln £46^ i, B'Ba. atidcLn 1993-98 £68 
Greenfield* Leisure lOoePf (fill 64 (17(8) 
Guest. Keen and NeRlefaldS S VwrLu 1985 


Guest v#«, an® NeMefbUs (UK) 7iroe 
Db 1986 91 £70 H7.8). 1<li : ncQb 

1990-95 £86. 50'jpcDb 1992-97 £86'-: 


As*cd UBlIrcs Grouo 9>iscPf (£1, 110 
Asset! Electrical Industries 6peDb 1978- 
T983 £951; SI;. 6’UKDb 1986.91 £69'* 
Awed Leisure 7);KLn 1989-94 £62'« 
(18181 

Ailed Newspapers Group 6><psLn 1989- 
1994 £52 (1-3/81 

Ault aft} Wlborg S'.ocDb 1988-93 £78"i: 
4 HZ 

Aurora Hldgs 3.85ocPf <£1) 12. 8-25 pc 

Pf f£11 34 5 

Austin iE.) &bi*s 21 2 (13 8) 

Automated Security Bdcpi (£1) £9<: 

(17(8). SpcLn 1990-95 £198 (18.SJ _ 
Automotive Products a.sSecPf (El) 43«i 
(18)81. 9ocPf (£1) 81*: (17(8) 

Avon Rubber S'rPcOH 1983-88 £79 (18/8). 
7i,DeDb 1985.90--C71 


Hall and Ham River GVocOb 1985-89 £69 
Hall En|inetrlng i Hldgs) 6hDcPf l£l! 43i: j 

Halstead Jama* Gro 5'jpePf i£1i 35'.* I 

Han I ruse (SA0.2S' 44 (13/8) 

Hanover Invest iHldBS) Non.V (IOo) 44 
U7 B) I 

Harris (Philip) (Hldgsi BpcSPf 'CD 44 I 
f!3. 8) I 

Harrisons and CrooAgld B'-soePf (£1 j 50 
(16/8) 


'-1S8i. 7 is pan 1 396-ZOOt £62 »*»• 
l OocLn 2034.09 £74! 6 *. 7= T *i 8 9 

Reed Publish!!** Hldgs , 4pcPf C£l* 26 

ft 6. 8). SocPf (£11 58 ft7_«J. «pepb 
1992-96 6»0f, IS i®S riSiB). <1 :dcUi 
2004-00 £57. Tineln 1987-92 £«9«i. 
! 9pcLn 1999-2004 £70 . . „ ... _ 

j Rcev« (F. J.I 7 UscLn 1953.oS £65 7 

I Renold 5 SPCPf l£1) 37 (16-8). 7HPCLR 

[ 1992-97 £56'- i13'*i ... 

• Rumors llpCPf 1991-42 *11 96 100 
nes- 

j Richards 71 ;dcDH 19B7J2 £85*:* 5S 

Riikwire Grp apcLn 1995-99 *60 ftSfS) 
I Raoner ii:*pcPi >£l) 11 0 1 ;* 

[ Rat* print M’spePf ail RbdJ 102 
Roiork 9';pcPf (£1' 76 ft6'8) 


director. Mr Morrell is senior 
vice - president of Maryland 


r C. E. Heath and Co. Aviation/ September 1. 3Ir Davenport i« 
id C. E. Heath and Co. m anas? ns direc?nr nf WiUiam? 
Vriation Reinsurance Broking), and Glrii's Bank. Mr Pa com he 
r P. J. J. Foote has been made is a Royal Bonk of Scotland 
i assistant director of C. E. group director m charce of 
eath and Co.. (Reinsurance planning and development and 
coking); is also a director of 'Williams and 

* rilyn's Bank. Both the RoyaJ 

The ROYAL BANK OF SCOT- Bank nf Scntlrmd and William' 


Bank London Inter- LAND has appointed Mr 3 L H. and Glyn’s Bank are member of 
2 r?p R^nk is nwned eSSallv to HX™Pwt «d» W. J. A. the Royal Bank 0 f ScpUand 
SSIfS SsS Bacombe to the board from Group. 


The Indiana National Bank. Mary- 
land National Bank, Gntabanken 
of Sweden and Spafehassen SDS 
of Denmark. 

•ir 

Dr David Williams has taken 
over as manapins director of 
UNIFEFjDS INTERNATIONAL. 


CONTRACTS 


Hawker SldceJrr Grp Sfcpciy *11 43 5. 

7Lipt0b 1987-92 Q1 S ’si ' 

Hawiev Gr» 12 SPCPf i£i) 117 


’ftriTTfflSira.-T'RWS’WS bocb siiok* «owi«*7-:h» •» 

3rd pi £i> 59: : fto8' formerly scientific adviser to 


Hawtffi 4?«jif S Wl 'I* 5 117 ! Ru£rald“iOi:P<!n 199 MS €77 IS* « 

Hsal and 'son^dgi i£?*£19 (13;8) iflSr’qs 6 f5* P ((3 9 |/ U9a 

Hdnr p} (H. JJ 4iy»tPf 1990 tt 1; 100 j ^S 6 **• '-‘Ottn 1993-98 653 <13 91 

Henlvs lOUseistOb 1930-95 £82’*s "n i S4'Kturv 'J.i 7'.oci«Db 1987-92 £67 


Unilever’s agri-business group- 


Over £1.9m work for 

J DkaIiapivt hemp installed at 

• meneiiv Maiiws — kiriiwk m 

v Sf Mawpan in Com' 


fi.A.T. 5 lores 4f.pctil 2003-08 £41. T’pPC 
Ln 2003-08 £64 (18/81 
BBA Group IOpc Oil 1969-34 MXhi 2t 
■ii V (1616). 

BICC 5:«pePf (£1) 42 .3 (IBrt) 6' -PC 

Dh 1981-86 £81 ,f!6'0). TpcDh 1985- 
1990 £78 V< 80 l ; . 7'ipcDb 1990-95 
£71 

BLMC 6pcLn 1998-2003 £581- 9 40. 
7’-ocU 1987-92 £54 5 6 8neLli 

199H-2003 £48 9': 50. 7i«DcLn 1982- 

1987 £67 I- • If 

0OC Grouo 2 8pcPf (£1) 27 (17(g). 5l.DC 
□b 1981-88 £89'; 90 (16(8). flpcDb 

1988 £89’- DO- 1990 £88',. 11W 


<16.8) _ 

Heowertfi Ceramic Hldm. 7'jucDb 1980-93 
£70 k: '16/ ft). f0,4pcDb 1992-97 £84-‘U 
>17/8* 

H«pw®rth U.i Son 6pePf (£1) 37 113'81. 
7DCPI A (£1) 44«* <13:6). 7sc1sZDb 

1985.91 £58 118.8} 

Hwaurgar Breaks 16.7 FJ718) . 

Hickson ina Welch fHld») 6>;DcL(i 1964. 


ft 6 8). SdCln 157 ft7.'8) • 

Saits (Salta In) 7ucPf (50 p> 14 CIS 5) 
Sang ps S’;PCP*.<X1) 20 mmm „ 

Savor Hotel B'-pcLn 1993-96 £66 
SUM BocLn 1988-93 CSSi 6 7«* {13.70 
SCOtcroa SijPeRf (£1) 7B*i ft« 8) ■ 


appointed Tdirector of COATED carriagew;ay witit a bridge over 


Mr Keith McIntyre has been 
appointed sales director of 
RUSSELL FINEX. 

it- 

Mr Robert Rae has been 


BREHENY CONTRACTORS 
has a £L41m contract to start 
on the Hadleigh, Suffolk by-pass 


hems installed at two RAF 
siat ions — Kinlnss in Scotland and 
Sf Mawpan in CornwaM— opera t- 
ing Nimrod maritime pa: ml air- 
craft. These vriif provide imme- 
diate pround-reolai faciiitier. for 
tape recordings from Jho air- 


wL? e : *SH C 4°r!L CounC i L crafts on-board narration. 


Work includes 4.4 km single munications and sensor sy^iprr;',. 


H?aus^a2d Hffl atiPCDB 1969-94 ETiit t<i 19B7-j92 *75 *16-8' J : 

(13'61 * 5»*ri 7 < -peer C£1 1 A9’~. 7PC A Pf tt'i 

mow es 531; r\7 81. 12':PC« <£1 1 85^ 

Houw! of Frpscr BZtPtLn 1993-98 £56 ij Srtlneoort 7ocPf ftOpi 18_ ft6«?. ' 91e* 
(17.81 _ Ln 1983-88. £71'; fte“8> 

Howiof-add Wvndham <23 d) 6 . A Qflp) Senior E«w 9.6oeL« 199,-96 CTt'ii -rt S«) 
5's 18®cLn 1976-91 £86 . shame (Chjrleti an 495 ftS*) 

HanVc: (Hldoo 356 6 U8'B) „ Shame «W. N > A 4*2 5 ft*** 

Huntin' and Prtmtr F<Odl 3 G5«Pf >X1) Shaw Omen ,0oe2ndW r£n b* ftftw 
41,;. _5.4oe28HPf <£l» 80 (I7'8» ' 6oe Shiloh So*nn»n ZOi- (17H1 
CiOOftli? * S3 ' fc 1935.97 7 i-ocLn 2883-0* £55 ' 

£109 <78.8* SK-^o E"d Poepf I£,l !(',: ST. 9 r »PC0P 

_ ' __ i9"I-97 C7di- ft6 n) „ , 

I— J— K SlnqTo JecW (£11 JT (lfl-81 l^tfj 

ICL 6«Db 1983-88 *70 flU . «V«Db 5® "* ,5DCln 

n7.«. 7.^ j 

i" « 7l i 7 '* ocLn ’««■ Smith NwhSTSeSpi (Cl) 39 rtSSI 


Sean Ena 6pePf (fill 40 Cl 5.8). StapeDb 
I9B7-92 *75 *16-8i • • 


HawarV and wyndham <20p> 6. A <2<Jp> 
5*: 18®CLn ,976-91 £86 
HdnVc: (HIdoO 356 6 i18'B) 

Huntler and Primer Fosdl 3 65«Pf *X1) 
*lis- 5.4er2nHP» <£1» M - 6oe 

Db 1978-83 £931^ 6i;PCLd 199S-97 
£109 (18,8' ' 


Db 1992 E9B 
RPB Indiwtrlci ,01-KDb 1997-2082 £82 
8.P.M. Hldgs. B 77. B’tPcLn 1968-93 


£59 (16'8) 

B.S.G lntni 7p«Db 1993-9B £61 > (16(8). 

I2':petn 1993-98 £67 ': (16(6) 

BSR 5>:pcLn (985-90 £54 (13 8- 
Babceck Intntl- GdcDb ,980-83 £91 '-a 

(17 51. 7DCLn 1978-83 £93'| (13/8) 
taker Inti (511 £11 
Baldwin (H. J.) 7 dtP? <£1) 36 >17iSl 
Barter Dobson Go 12aCLn 1977-84 £69 
Barlow* (£1) 132 40 (17,81 
Barr Wallace Arnold Tst 74 (17/aj 
Bath Portland G'joeOb 'IBS -TO £7Uii 
21 (18 81 7‘racLn 1988-93 £66^. 
Boecham Go 6«Ln 1978-83 192-.6. 6<,pe 
Ln 1973-33 £93ii 4ij- 8'mcLn 19B4-94 
£67': 72 

BelgravB (Black healh) 12 (17:8) 


^Vashin^ton Development Corn 


I— J— K 


PAPERS. He joined the company the River “Brett Other orders Washington Development Corn 
upon its formation at the begin- include Halvergate. Norfolk has awarded a contract worth 
ning of this year as company scheme £235.000 for pearly £500.000 to TARMAC 

secretary. Broadiand District Council; CONSTRUCTION of Stnckfnw 

!. Cnston, Norfolk sewage scheme ^ Tfies for thp , 

Mr Dereke Brown has been £130.000 for Breckland District and final sta«?c of Patti ns on" Rnr»*' 
appointed manaeing director Df Councti and the annual term con- This will linV the Surdpriin'* 
0. C. SUMMERS, subsidiary of V a « ir > r the Anglian Water Highway fAlHSi at :h'r 
the John Laing Group speciaLis- Authnnty Stour water division <*hange nert in the North Easter’* 
•inc in the laying, maintenance £200.000, Rlrrtnrity Board warehouse •«- 

st*H ramir nf rficfiihutinn ninp. * * ■ 


and repair of distribution pipe- 


F-lrrtnriiy Board warchnuw 
Patiinsnn fnd«tc*ri3f Estate wrt 


93 £ 66 ':® 

Illingworth. Merrti 6H»ePf (£1) 3®:- 
ICI 5':PCU1 1994-2004 £48 ': J*. 7'<K 

Ln 1986-91 £721* S i» *> Ii. _8 pcL» 
T9SS-93 £72<: <i 5 Ci It V TO-’AxLn 
1991-96 £86 i. 

Import 4 1 Gp S»«CL« .1082-85 £33:- <16 81 
lmpeu I Cold Storage Sddo/t (RflJZSi 130 
6 9 ocLn . 2004-09 £55': 8 »j. 7.5p«Ln 


Smith Nephew Si-pePf (tl) 39 (15 81 
Smith <Jonn) S: : acP( (£H 25 <17._»' 
Smith {W. H.) Son B ftOgi 37- X’.acP! 
(£l ) . S4 116 9) SKOfe 19*7-92 £75. 
S'.win *5?‘:0. 7’jocin 19W-93 167 


lines throuchnnt the UK. He was LABORATORY mstrumeniaiion the Nnrthumhcrlarci AVav fA195 


general manager. 

★ 


recording syslem is being sup- 
plied by THORN EMI DATA- 


5'ipcLn *3?':S. 7'jpctn 1988-93 £67 

Smith Wfiitwarth T'.;OC« f£1> 36 9AP 1 
Smith* l"di T'-rpcbb ,983-86 *7S:.-. 


Smith* Indi 7--,p«6b IS 63 -SB *7S:.-. 

IIUdcDb 1995-1000 MB'-:.. 

Smurflt (Jeffersan) bPCPf Urfill lr£0Z4 


Mr Alan V. Dodman. chairman TECH of Felt ham. Middlesex, 
and managing director of Firth under a £500.000 contract from 


Carpets and chairman of Firth the Ministry of " Defence. 
Furnishings, has been appointed Advanced 2S-trark systems are 


at a new rnur.dahnuf at Swap 
Industrial Fsiaie. 

Work iBcjndps a bridee l ft 
nrry the r-^nd nrp r j^r Trtawf 
Ferryhill railway sine Work has 
started. 


V* . e* 

*■“ , " f * 


4S.-S y 


I t£5?s* FireOry -*pelj«ib» ««*' £2V: 

! vX„*hl Fro*) S'.-tvOb M,89 £67 tlT B- 
I g^ncDb 92.97 £?»<• ‘IMF • . . _ 

; tprwimi County Fpiw Le4S FW»P GltfOstPl* 


■'~.7?rSBX 


Financial Times Saturday August 21 1982 


wa ’- «*«■ 

Sown Si M a* Wjwot 3Jec 
^<s^:is;b». 5.5 £34 ti*w- eoew 
£|»T t *®6s. OS'*). 7oc0at> liu-u 

SunwT Old' W«W 7 m CM. J.See £4.3'*. 
£22. SocDab £Ki- 

22 K2«hlw Water 2.83 m (£10) MO 
W«t Kent WM*r 3.1 Sec c£5) MO OB. 8) 
W^xHam tad But bwm Water 3'apcDd) 

dnltsted securities 

MARKET 

Anal® .Notate Hldn Qsi U i> 

WS’WJBIH i'S", ¥.',*■ 
jafRS«sss , i^s,ii,s’(af „ . 
‘ssfidacansr °™ : ,o “ 


Mjma^kliiM ' 4? lift'd). 

palmar Go (2 5o) 29 

™2Z'L Hi 2 n **l> (1 7 »> 

Eidridoe Bom «£D 46a HB'6) 

|*fA*r Building (SOdi 175 7 it 6*8) 
Fuller. Smith and Turner (Cl) 640 (18>8) 
Haoaen Petroleum int <5p1 50 S‘32 2 4 5 
^tpwuTOM Tecnnoioov non) 160. nm 
' 5B 9 60 'a 1 2 

Relent Corn outer m <&p) 51 riaa) 
Lonoon and Continental Advert Midas (Be) 

McCarthy end stone <20a> IK 7 a 
Mtrrvdown Wine I25p) I76 7 a 
Metal Bulletin (ld») Jl6 (17M) 

M<cre6Jm feta floor 51 
M»rta 60 1 cl Ml 

SSaSg f^? 1 R « aorws w “ 5 

M> «L> (top) ISO 


Ailsma em Tl® - - - 

American Home .Prod* £S2W SUSSfl* 
(iwli ' 

iSSSl tSJS. 6J , 

Amsterdam Rotterdam Bank ?K gifts) 

Anglo Utd Dwtl 29 

AshtDn Mining 42 

Atlantic RicheUd C2‘i® - 

Austra ban -Cons Mineral] .100.141a 16 : a 

Ann Motor irate ao cj«.dJ 
Australian Nat inns HM flTttt 
Australian Oil end Oaf EM BO 
Auct Paper « n*JBJ 
BM South 115 (J7/M 

BMI 87 ilM) . 

BP Canada £16 *«h ( 1T*» . 

Basic Roourew Inti icu 
Borml 124 

Bridge Oil «6 8 _ . 

Bristol Myrrs JLS5JJ AMI 
Buie rt Sembemne tst* 70.5 
Casdemaln* Ttahevs 20/ 


Central Norseman HO 15 (14M4 
Cheung JC one 950 1ttX> 2® 8 
M 12 (1«« 

Cl tv DGV 46 (134> 


9 10 It 


yra c 


Rudd: .... 

Sheraton Securities (7 Do) 11 1- 

T S*6 S l?S 8 *™ h ,- * 20bc 1M< 

VS2£SS„ i5 £i\%™'' 

RULE 163 (4) (a) 
Bargains marked la securities 
which are Quoted or listed on an 
.Overseas Stock Exchange 

AOG 58 0 

Alrertoyle 470 

AbrolhtH Oil and Invs 3 n.4^1 
jWInjM. Eaple^Llnea 365* BO BO SUSS 1 

<1TO 


Devpt Australia 65 IIS'S) ' 


Cities SetViCr SUS31‘to* «««) 

j.) TIS 07*61 

Edison t*4 <18 p) 


Jons Gold Mining Areas' 2® 1 J i(18>8) 
Cons Pen t7 flats) „ 
cons Pets <oots> 73® na ; to 
Cons Resources 2* H Sw _ „„ 

g™ *. •waJEfflR 


Digital Equipment 
Dome Mines 14Q nan 
Dresdntr Bank SUS 
Drtsssr Indt 757 h SUS13& 517.-8 1 
Dunlop Olympic 55 
- _ '.). De Nemours £21 'i® 


DU Pont 1 
El Paso l 

Eurocta Ventures SB 510)8) 

Fairchild inds 8B0 «1«.*a) 

Fraser Now I'M® 

GBC Capital SCI 8: 'at BMI 
Gear Kart Inds SU5l«(j (ITO) 

Gen Ewl 1W IIMi 
Getty 011 £20* 

Giant Yelowkntf* 3*5 fPJW 
Giofahl Marine 44(7. - ■ 

Grace Bins TBO Filial 

ssraa mw 

Hartppen Energy M MU 1 
HftwiSt Packard £24.47 
High veld Steel 192 
HiH 50 Gold Mines IS 017.4) 

Hill Mine rail 15 (1718) 

H inch I 123% r &'B) 

Homeatake Mining SUS23A. n«1l 
Hospital Co of America £2i’i 
Int Communlcatlonfi Tech Wdo* C1BU 
)nU Harvester 225 tl®«) . . 

jardlne Matheson - Finance Warrants 
916-8). 

Jardine MJthCfon Finance 9';pc Gtd Ln 
1-984.05 £4<7(136) 

Jardlne Sees Warraeta 24 B (15)8) 


13 


Johnson and Johnson £201* U 
Juatan Resources 14 me.®) 
k Mart All , _ 

Kaiser Steel susi-svs 14^(18®) 
Ken- Addison Mima &S5 flM) 
Kuiim. (MalavsJai 32 n7P8) ’ 
Leonard. Oil 9 «*r») 

Madison Fund KO 9T7fS) - - ■ 

Magnet Metals 4ij nAE) 
McCarthy Grt> 90 
Moet-HonoMsey £6o«s tlftWI 
Mogul Mining SB® 

Monanai Pets Ah irnW)- • - 
Moore Cana £154 r * (I7f«1 

Eraswom 74® 1 .. 


Myar 

Negri mwr b 7 
New Mont Mining COf® 1 £1 90 513,'B) 


New Zealand S BdSsh Grp 33 
■NkhOlM Kiwi 71 516.81 ■ 

Noratujj Mines 60S 90 rlftio) 


Oakbrldge 84 
Oakwood I 


Int Pots 4h® (1718) 

Oil search 60 7 

Oriental Pots Minerals O'a 917:'8i 
OrTencal Pns B o'* fl7.M> 

Otter Expln 16 20 (1661 
Overseas Chinese Banking 175 07.6) 
Overseas T« 8k 37 40 51<K6) . 

Pan PaeHie 6 

^Mneomlimal Pat 9 1 : PM) 
Pancufitlnetel Pet Ootna B's (1718) 
Pop&lco cazs* 3U540SI «1«8) 
vtrpAna 5A £50»# tUSl&ij P®»i 
Phetoa Dodge SUSigWo Oftffl 
Phillips Monte Inc Sif 

Phillip* Pete £147*. (1618) 

Planter Concrete 67 
PoseMon 1074 9* 4 ST" • 

Power Cora Canada 390 (17.-81 
Queen M arg a ret Mrnes 6^® 

RCA Cora £10 N - 
-Rartheon tusMU* u HW) .- 
ROrex Sturgea Mining 110® 10 
5anii>wa_E»p 74 7 
Security Taa Systems 104 6 7 8 
Shell Canada A_B20 C1CJ8) 

South African ^Manganese 1-13 h 
Surge 11® t I 

Standard Oil Indiana £19.90 20 K 
Standard Oil OnJo vEl 7 ij 
Sterling Peta 1 'a (i3)8) 

Sturts Meadow Prospecting 32 C1®6) 
SwJra Pacisc 0 77 
Tai Cheung Props 14 1. 

Target Pets caso.is Ptf) 10® 

Tax* t Oil Gas £13* IS 1- 
Trl-CantlntntH £1'1 U Q18^)l 
Unilever NV m 20) £32 IO (18/8). 
Union Oil California £1I?*A ob.'S) 

Utd Overseas Land 47 rVJffl) 

Utd Plantations Berhad J08 
Valiant Consd 4>a n«;P 
Village Main Reel Gold Min 65 
Walker WUram)-R** Bl® |17«) - 
Wakuns 31 (1«8) 

Waste Management £18*4 19 'r 
Wattle Gully Gold Mln« 4® 

Wear Coast Trans BOO 


Western Union Corn WJSZ6H maun 
WestbCU Mine 48® P 9.8) 

WestlBpMDte Elect CiWj 
Whertack Marttime B 2P- 
, World lot 21® Zip 4 n*®) 

Zone Petroleum 1?5 7 40 (18(8) 

- RULE i63 (2) (a) 

Appll cations granted for specific 
bargains .in securities not listed 
oa any Stock' Exchange 

Aston villa pa ci vote' no 
BrttJ^ West Howls 41<2C 1* Mtp Db £65 


pnon st lim 9 

" EouJcment £1-1.75 .72 


g ntS? 

ntril. 




mtrai. Scotland Ice Rink. 225 
CIC Inv >z 'is: Hie 
Cornel Sank Wales 88 91 
Oa (Seattle Finance 12'; ^9184) 

Damon <Wm) 170 ”1: n»a> 

Deborah ServICM 71 (17.«i 
Guckwart Taa Rubber Ests 5pe Cum Pi 


Stw 


29 30 C17.H 


Dundee fAnguJ Ice Rink 405 flft'8) 

Eadk Brae (Hldsai 57 
Qlbbs CM.l 240 i 917.35) 

Grampian TV 4« 51 OWII 
Granada Gra 135 (17.13) 

Grenoon Tat 11-pc Sub Una Ln 1976-83 
£33 414 3 fl&SSi 
Home Brewery 740 50 - - 
Irish Int Trading Cera CCork) ISO Cl7.<n 
LIT Hldgs 201 H Gleg'S) 

Le Riches Stores 248 » 2 f1<S.«) 
■Motrapote ^ EnteraHse* (Blaeuwoll 4 pc Db 
£34 flTSTO) 

NMW Computer* 99 H FIOJO) 

Norton Vlllars Triumph u laj 
Oldham Ests 129 30 (l®.‘8i 
On vah HigMIeldt 57 GO (17(8) 

PM PA luce 36 8 
pontlow Hidgs 105 6 flCft) 

-Raneers FC £14 (!3Hi 
Rota CO 4<2 T l 

. Shannon Meet 1<95 (17J» 

Star Offshore Serriecs 55 
Tvrlnlpclc.20J.1 (166) 

.WeetabU A mvi 6z 3 a*i3) 

WVmtay Props 104 6 (183) 

RULE 163 (3) 

QeaHhgs for apuroved companies 
.engaged, solely- In mineral 
exploration 

Celtic Basin OH EX0 200 5 (1708' . 
Kenmara Oil Barn 5 

‘ (By permission of rtff Sfock 
. £*ehanpe ' Council J 


MONEY MARKETS 

UK clearing bank base lending 

rate 11 per cent (since August 
17 and 18) 

The Treasury bill rate fell 
sharply at yesterday’s tender, 
pointing towards clearing bank 
base rates of 104 per cent, com- 
pared with the present level of 
11 per cent. The average rate of 
discount fell to 9.9884 per cent 
from 10.7110 per cent, while 
applications for the £l00m bills 
rose to £491. 16m from £4fl5ni. 

A money market credit 
shortage of £600m was forecast 
by the Bank of England in the 
morning, but this was revised 
upwards to £650m at noon. Once 
again the authorities found the 
discount bouses reluctant to sell 
bills to relieve the shortage at 
the unchanged official dealing 
rates. Although help of £134m 
was provided before lunch, only 
£26m was by outright bill 
purchases. These were band 2 
bank bills (15-33 days maturity) 
at 11 per cent. The other £106m 
was given through repurchase 
agreements. These bills will be 
resold to the market in equal 
amounts on September 7 and 8, 
and attracted rates of interest of 
£11HH per cent. 

In the afternoon further help 
of £4S5m was provided, making 
a total of £6 19m. Outright 


purchases came to £21 lm, with 
the Bank of F-ncfoM buying 
£13m in hand 1 (up to 14 days) 
at 114 per cent, and £l88m in 
band 2 ait 11 per cent 

There was also another repur- 
chase agreement involving £274m 
of bills for resale in equal 
amounts oa September 7 and 8 
at an interest rate of lli per 
cent 

Major factors yesterday were: 
bills maturing in official bands, 
and a net market . take-up of 
Treasury balls £268m; the. 
unwinding of MU repurchase 
agreements £150m; a rise in the - 
note circulation £2O0m; and back 
haiPTWK below target £100m. 
These were portly offset by 
Exchequer transactions of £230m. 

In Parts the Bank of . France 
left its money market .interven- 
tion rate at 14 i per cent when 


CURRENCIES 

The dollar opened very weak 
in European currency trading 
yesterday, reflecting concern 
over the extent of lending by 
U.S. banks to Mexico. The TT.S. 
currency showed little movement 


very firin' at 91.9 and easing to 
91.7 at noon. 

The pound opened at $2.7480- 
1.7490, and touched a peak of 
S1.7490-L750Q in early trading. 
It fell to SI. 7425-2.7435 at noon, 
and continued to weaken to 


throughout the rest of the day- low point of $1.7380-1.7400 in the 


however in thin cautious trading. 
Its trade-weighted index, on 
Bank of England figures, fell to 
120.2 from 12L2. The dollar fell 
to DM 2.4530 from DM 2.4823 
against the D-mark; to FFr 6.85 
from FFr 6.95 against the 
French franc; to SwFr 2.0730 
from SwFr 2:11 in terms of the 
Swiss franc; and to Y254.75 from 
Y258 agains the Japanese yen. 

Sterling's index, according to 
the Bank of England, rose to 
9L5 .from. 91.3, after opening 


afternoon, before closing at 
$1.7405-1.7415, a rise of 1.75 cents 
on the day. On the other hand 
sterling was generally weaker 
against Continental currencies, 
falling to DM 4,2725 from DM 
4JS; to FFr 11.9250 from FFr 
12.9750-' to SwFr 3.61 -from SwFr 
3.64, and to Y444 from Y444£0 
against the yen.. 

The French franc was again 
nervous, supported by high 
Eurocurrency interest rates, 
-which kept the currency very 
weak in forward trading. 


THE. POUND SPOT AND FORWARD 


Aug 20. 


D*y*a 

spread 


Close 


Oris month 


% 

p.a. 


Three 

months 


U.S. 1.7380-1.7600 
Canada 2.1500-2.1600 

buying first category paper Egg* SSmSSo 

maturing between September 1 DanmaA mjnmmuv 

and 5. The relatively small 

amount purchased was inter- 

preted as indicating that the. 

French central bank hopes to cut 
Its intervene on rate in the near : 
future, possibly next week, -bat 
was prevented from doing so 
yesterday by renewed pressure 
on the franc. The franc’s weak- 
ness pushed up Eurofranc rates 
sharply yesterday. 


•A 

p.a. 


Ireland 

W. Gar. 

Portugal 

Spain 

Italy 

Norway 

Franca 

Swadcm 

Japan 

Austria 

Switz. 


1.7406-7.7416 DJ22 -0.12c pm 

2.1625-2.153S 0.68-0.7Bc dia 

4.89^4.704 IVtc pm 

82.00-82.10 17-Z7c dia 

MJ9-14.91 1-1 '.ore dia 

I. 2405-1 .2416 0.57-0.72p dia 

4.26 , 4-4.Z7 1 « Vrfipf Jim 

148JS-148.75 110-2S&C dia 

192JKMS2.75 TOO-lZScdrs 

2^410-2^41 2 18-21 lira dia 

II. 53VlT.SEPi 1V2V>re dia 

11^2-11.33 66c dia 

10.52V 10.68*1 TO.S3V 10.86*1 2V3VO re dia 

442-447 443 V 444 1 , 1^6-1 JSy pm 

30.00-30^0 30.00-30.06 8V5gro pm 

3. BO-3. 64 3.60V3.67 1 ! 2’)-Z l >e pm 

Beigiaii rata W lor convgiribla Francs. Financl«"l franc 88.8Q-86 90. 
S>x-manth' forward dbHar 0.46-0.55c dia. 12-monih 2.15-2.30c dis. 


1^400-12470 
42B-4.23h 
149 .00-150 no 
1 92.30-193.75 
2.406-2.417 
11^3-11.59 ' 
1132-1242 


1.17 0.18-0.08 pm 030 
-4.07 1. 85- 1.95 dia -3.53 
2.55 2V2 pm 1.91 
-3.22 54-64 dia -2^8 

-1.11 8\-n dia -2.43 
-6.24 1.87-2-06di* -633 
2.46 2V-2 1 . pm 2.22 
-16.25 245-780dia -13.71 
-7.01 350-396 dia -7.74 
—9.70 55*1-68*! dia -9.S4 
-2.14 IOi-12 dis -3.94 
-6.54 21-26 dis -7J8 
-3.52 71.-8*, dis -3.05 
3.92 3.69-3.45 pm 320 
2.70 17V11 pm 1.90 
7.89 6V5V pm 6.65 


EXCHANGE CROSS RATES 


Aug. 20 


Pound Starling 
U.S. Dollar 

Dautochamark 
Japanao* Yan 1.000 


Pranch Franc 10 
Swiss Franc 


Dutch Guudar 
ttadlan Uim 1,000 


Canadian Dollar 
Bsleian Frano 100 


Found Btfrll/iB! U.B. Dollar' 

] Doutsoham’k 

Japan oiaYon 

FronchFranc 

Swim Frano 

| Dutch Guild’ 

| Italian Lira |Canada Dollar Belgian Frano 8 

1 

1.741 

I 4.273 

444.0 

11.925 

3.610 

! 4.700 

2411, 

2.163 

I 82.05 B 

0JI74 

I. 

2.454 

255.0 

6.850 

• 2.074 

2.700 

1385. 

1.237 

47.13 

0^34 

0.407 

1. 

- J03J 

^ 2.792 

0.845 

i ■ 1.100 

564.0 

0.604 

19.20 S 

2.252 

3.921 

9.623 . 

. iooo. 

. 26^6 

8.131 • 

1 10.G9 

. _ .5433. . ' 

4.849 ; 

184.8 | 

0.839 

’ 1.460 

' 3.583 

:■ 372.3 

10.. 

3.027 

3.941 

2022. 

• 1.805 • ' - 

68.81 • B 

0J.11 

0.482 ; 

1.184 

123,0 . . 

3.303 

• J * j 

1,302 

667.9 

0,596 

22.73 A 

0.313 

0.370 

. 0J09 

.94.47 

2.537 

. 0.768 j 


513.0 

0.458 . 

17.46 K 

0.415 

0.722 

1.778 

184J3 

,4.946 

1.497 | 

1.949 

' 1000. 

0.893 

34.03 ■ 

- 0464 

0.809 i 

1.9 84 

206.2 

5.539 

1.677 : 

2.183 

1120. 

L. 

38.11 A 

1.219 

2.128 I 

8^07 . 

541.1 

14.53 

4.400 ! 

5.728 

2938. 

2.624 

100. It 



19 


FT UNIT TRUST INFORMATION SERVICE 


Abbey Unit T>t Mngri- ta) 

l-3St Poui'sChretiyaril EC4P40X 01-2361833 

SSiSSStTBS' 

MWtemta 

Amerlsa* Growth. ™ 

WHiwiodity* Emm 
i rami 


AUTHORISED TRUSTS 


540 



Craigreount Unit Tot. Myra. Ltd. 
BucWmtaxy, London EC4N 880. 
HW/toiiw, 

Nordi AflWrk 


UK Growth 

Ndiwiia: 

IlN.Tit-RL^^., — 

Bwitas Prog.. WL8 

Allen Harvey A Ross, tintt Tst Mnen. 
4S, CornhSB, Laodsn EC3V3P8. 01-6235314. 
AHRGMTiut IM22. UP Jd| +£* 1U5 

A Wed Hambro Ltd. W <g) 

Norrrbni Hsg „ Hu tton, BflMtWMft Ehr 
B wttwaod (fc77) 2114W & 2&1Z3 

BriL Inds. Ftnf. 

KsScite" 

HambniFund, 

naraira Acg. Fud 


UMMAavMdilne. 1 

SH3== 


ir.1t 

1 386m . ... 1 

1 S'? “°' 4 

Jnrr 

3r.tr 

JS 455 

St 

El 

r ^ H12 
s 42 Jo +0.8 


•Wtekb wing day VMimdiy. 


LAC Unit Trust ManagetTrent -LttL, 
01-2484984 The Stock Exchange, London EC2N 1HA 5882800 

ffiiSfGLndttl IS 

Leal ft Centra! (Unit Tst. Moon.) LM. 

BreittHiDsd 0277217236 

E***!*y oh- B9S4 


RothscMM Asset Mona B«n ant 

St. S«Wrin*> Lon*, London EC4. OI^264M£ 

“waTaiwagisy 

R attach Rd Asut Mananemeiit (aUfl) (« 


nutty hcc.. l 


5.9b 


Crescoif Unit Tst Matp%. LM, lalfg) , M 

4 Melville Cm, Edmuwyh 3 031-2263492 t *?*!?_.* LttL 

— 2, 5t w # EC3A ppr. 




0I-6Z3&114. 

&5aSri=Hai ffl 8S 

Llojii Sk. Unit Tit. Mngn. LM. (■) 

0M44591W 


Bdonced..^, 


DvtingtM that Trust Mntrt. LM. 

Dartiraton, Totnes, Oeam TQSbJE. 08038WB71 DTfteamTCI... 

Teal Ftrf. Unit TitjZU 23J3f 1 4.97 Enirmhit .. 

Dbmik>99iy IMt FW Uanagtra frire JncwMimi 

36/38 New Bread St,' EC2M1NU. (0438 4485 Oa.(Aaasa.) 

Disc. Inc. Aag. B. — 1274.9 293JJ J 4.70 

Duidar Unit Trust Managers Ltd. ha- Yechmiw — 

53,Paft U«UI. London. SW15JM. 01-9302122 ~/Tc£< 

sssiE^-ii ViU»HS!^ 
naSS9Bs» . ill SsSfc:™.i 

Equity ft Law Un. Tr. M. (a) (b) ie) Lloyd's Life Unit Tst Mngrs. Ltd. 

ftmmluii High WyeonHw. . 049433377 2, St Mary Am, EC3A 8BP. Ql<623bll4 

]*Q3 4« Equity Acorn. (2) --P05J 32191 -4 3.0 

Local Authorities' Mutual Invest Tst* 


UKCwth-TsLAte—l 

UK 5wdL tr. i«c —. 



72-80, 6*trtmB» Ra., 4j*Uxry. 

MC.En» BkTB, J 

N.C. Income Fd..„.J 
N.C. America (lire.)- 
N5. Amena 
N.C. Saalier 

Rowan Unit Trot Mngi (a) 
City Gate Hie . Finsbury Sq, EC2. 
American Aug 12 — IBIS 
Securities August 17 . 269 1 
HlgriVMd August 20 bSJ_ 

120J) 

127.0 

T2b\5 


029b 59*1 



014061066 


MrilnAugiat 

Fixed Inti,— 

HIphlnL — 





Royal Ufa H. Mgnrt LM. 

New Hill Place, Liverpool LM3KS 051-2Z74422 

Klass-r®. = 

Royal Lcmdofl Unit Tst Mora LM 

Weinman Hjr, CoWieiter. Essex 0206-44155 
Capital Aetna Tnat-162.1 M S ..—7 6A0 

Royal Tst Can. Ftf- Man. Ltd. 

48-50. Cannon SL, London EC4M6L0 01-2366044 

Casual Fund 11017 VjT~ 

Income Fusd_ ^|73i4 78.' 

Prices on Aoq lb. Next dealing 

Save ft Prosper Group 
4, Great 5 l Helens, Undo" EC3P 3EP 
jB-73 »®«.a s .EdMisglr 


H--4 & 

ng Hair Aug 3Z. 


Anderson Unit Trust Managers LM. 

S2, tondoo well, CC2R TOQ 02-6381200 

Anderson U.T |65J ' 70A| _..J 331 

Ansbadiar Unit Mgnrt. Co. LM. 

1, Noble SIVEC2V7JA.. 01-2368181 

"Wsd 1 !* 

Anthony Winter UuK Tst Mgnrt. Ltd. 

19, WUegate St, Lnnkm. E3 7HP. 014*78827 

«l ::d - w 

Arbnthmt SccnHtte Ltd. CaKc) 

37, Omen St, London. EC4R1RY. 01-2365281 



General 

Fidelity Inti motional Management Ltd. M ft G Group <y)(c)(z> 

IBwr Watt, TorttridgeJCent (0732)362222 Three Ouars, Tower H«t EC3R68Q. 

American U) 

8rt8 aL_ 

Growth £ Income ... 

«E!Ste= 

Special Sits 

Junes Finlay Unit Trust MngL LM. 

10-14, WtMNHe Stmt, Glow- 041-204 1321 

i|wss=ii aj 
ffi 

Acoun. llnta. — _ 

J. FWayF0.ln.T3t. 

Accum. Units. 




15S.9 

■Rfftte on fijjiai STMext dulW 


>mmb: 


Frantflngtoa Unit Mgt Ltd. (a) 

64, Loadoo Wall, EC2M 5 NO. 01-628 5181 

{Gaste=n 

around— 

l«*=J 


(Acaanulatian) 453 



American..- — 

(Acorn. Units). 

American Recovery. 
(Accum. Unhsi 

wntratnan..., 

' cum. Units) 

rnnocBt* 

cun. Units) - 

H pound Growth 

Mratot Growth... 

Conversion Income , 

Kuwsi'::: 

Cwopean 

ess?in!r- 

(Accom. Units).. 

Far Eastern 

(Awn. Unm)._~- 

Rmdofln*. Tsts. 1 

(Accum Units) 1 

General 

(Occmn Uniti) 

GHt lifnww 

OtomOJinta) 

niQn Income 
(AcaMiLUmtS) 

|8 teS'«Ez; 

fl BaBSSt-' 


01-6264588 


Archway Unit TtL Mgs. Ltd. (a He) 

327, Hlgli Hoflnra, VVC2V7NL. 01-8316233 

Arid* right Managaimirt 

Parsonage Gdns, Manchester 063-8342332. 

Arkwright FdAia 17.(98.7 ll&q 1 501 

Barclays Unteora LM.(a)(c)(g) 

(Moons He. 25Z Romfnrt Rd, E7. 01-5345344 

Unicom America, — 

Do. Aon. tec. 

l A«H. Irrc. . 

it Capital.- 1 

1. Extra Income . 

ixFlnaneJal 

500— 


Ldra IreomeTnet. 

income Tsu 

Int Growth Fd. ... , 

(Accum. units) 1 

Recovery Trust „_| 

(Acorn. Units). 

Robert Fraser Trust Mgt. Ltd. Soui^ConiMniH-:. 

28b Albemarle St, W.l. 01-493 3211 (Amm. Ualts) ] 

Robe. Fraser tit. Tit. 1592 6321 J 6.00 wagmi 

Friends Pro*. Trust Mutagen (a)(6)(c) iS^S, 'Unte)“ 

Phtham End, Downs- Tel. 885055 


^acowlOiiiu) 



a lb/3 uwn M, cciraxyir 1 
Dealings Ur 02-354 8899 or 
I nterrutlmul Foods 

3fcr=® 

Select rnternaltonal ..Kt 4 
UrHi. Growth [73.9 

Increasing locomt Funds 

kEhekB 

Paras.. 


7351 


J 160.4 

K. Inc. Fcf..|67d6 

«U5ns.esi»j 

a 


High Return. 
income. 



Glh Grrti. .tt56 

UK Equity |701 

OnruM Foods (2I 


75^^| 13 


Funds in Court* 

Piddle Truster. Ktegswav, WC2. 

HMi Yield Aug. 19— f^S 97l . 
•unrottu Ruuluetl u monks lodtr 

G.T. Unit Managers LM. 

16k Fhts&ury Cktau. EC2M 7DJ. 


CsAaijuTb 

ManinhaU United 

01-403 4300 36 Berltetey So., London W1X 50 A. 01-4996634 


Do. General 47.9 

Oo. Gflt & fiat IH. Inc. 5p 
Do. Gtr. Pacific Aix... Ml 
Do. Gtr. Pacific Inc. . 40.6 

Do. Growth Acc. 773 

Do. Income Trust __ 

Do. Prf.AHu.TB. - 

Da Recowry 

Da Trustee Fund — , 

DaWldwIdeTB. kWD. 

BtsLlaFiLAcc. (1243 

Da Income I9L7 ■ 


Nen s*. d*r tegun 24 (tv : 


G.T. Cap. Incorae 
Do. Acc. 




f?T. UJL&Gen 

G.T. Wld. Bd. Fd 

G- J- Aren* Gra- 
G.T. Pens. Ex. Fd.. 
G.r. lm!. Firtf 


U1-W9 43UU 36 BvrkelrySa, London W1X3DA. 01-4996634 f Aa*n IlnHsI _ 

BHScd 

bait control. ManuUfe Management Ltd. (Accum. uSts)—-T! l 

0438 56201 rPACfil 

h« a mm 

- IM ffVUX 


Sector Fndi 

Commodity — 

Exploration Find Izf- 
FinancWSea—... ... 

New Technology &i- 

Exempt FHds 
Exempt Income*— 

& aea^ar 

Scoibtts SamraK __ 

scouiu — 

Scotyiefd 1|04 

Scocsharos. 

Schrader Unit Trust l Ltd. 

14. James SL. WC2 

Capital 

(Actum Units). — 

Income Fnd 

i'Accnm. Units). 

taati£ UWfcJ^Zr ~ 1 

Europe _i 

(Actum Units)..- 

Amerirao 

(Accum. Units) 

Tokyo .... , 

(Accun-Uabs) 1 

GUI £ Fixed.... 


01-2838833 
1 4. 


i.T. Far East £ Genjf 
G.T. Tech. & Gif 
GLT. European I 

G. ft A. Trust (a) <g> 
5 Rayleigh Road, Brentwood 
G.AA. 1506 


Gartmore Fund Managers (>)(g) 


EURO-CURRENCY INTEREST RATES (Market closing rates) 


Aug. ZO f Sterling 


UJS. 

Dollar 


Canadian > 
Dollar ( 


Dutch 
Guild or 


Swiss 

Frano 


Short tar m 11 i*-l l 5 t 

7 day's notice 11 Ja His 

Month • 214-11(4 

Throe month! | X05 b-10'< 

Six rnontha lOso-iOte 

One Year 10^-lOli 


9-8 «4 I MM-Wt , 8ft-0fi 1-1 J* 

BVBla MVlSig SA-Bti i l-l»a 

' BJrOii 2488.144* I 8>a-68s I 31*31 i 
I lOVlOte 14-14 14 I 888-8*4 j 4-41* 

I lll| USo I 14 la -143* BEg-RS* [ 4Ai-47* 

! ll*a-181s I 1412-142* | 8«.84i 4tf-4* 


D-mark , 


8t*-Bls 

SJI 

;sta 


French 

Franc 


14ia-16 it 
I4lf-16»s 
15V26(a 
18-19 
1B24-1924 
J9S..B024 


Kalian 

Lira 


Belgian Franc 
Gonv. Fin. 


Yen 


Danlth 

Krone 


18-20 
197* -817* 

20 31 

1923-205* 
80 U-81 
30 >2-81(4 


13-14 
I 13-14 
. 13(4-14 
131,-14 
. 18*4-14 
I 13U-14 


13>i-14 

13SS-13S* 

13Sg-13Sg 

13 V 13S 3 

131S-13V 

13(9-18*4 


6)3-71* 

7(8-7* 

?A-7>4 
7,4-7 is 
7(2-74 

74-74 


12 50-141* 
1248-237* 
131: 15 
1514-16*4 
16-17>e 


SDK imkod deposits: ona month 10-1 0*i per cent: three month a 10*js-10»i* po* cant; six months lO’e-ll** gar cant: one yaar per cent 

ECU linked deposits: ons month IHV-lZV p«7 cenu three months HVIS** par cant: six months ll^u-HV par canc one year 12V12** psr coni. 

Asian S (closa rates in Singapore: one month 3“i*-10Sx per cant; throe months 10 , u-I0»i* per cant; aix months 11*i*-11*i» per oenn one yaar 12-12*, per cent 
Long-term Eurodollar:, two years 13V-13>, par cent: three years 13V13^ par CBnt: four years 13V-13 1 . per cent; five years 1 34-14 par cent: nominal closing rates 
Short-rerm rates ara call for U.S. dollars. Canadian dollars and Japanese yen; others two days' notice. 

' The tallowing rates were quoted for London dollar certificates of deposit; one month 9.80-9.30 par cant: three months 10. 10-10.20 per cant; six months 10.75 
10.85 psr cant; one yaar 11.40-11.50 par cent- 


FT LONDON INTERBANK FIXING (1 1 .00 a.m. AUGUST 20) 


3 montha U.S. dollars 


bldlOS/lB , offer 10 IDS 


6 months UA dollar* 


bid 11 1/4 


offer USiS 


The fixing rates ire the artthrastlo means, rounded to the nearest one- 
sixteenth, of the bid and offered rates for 510m quoted by the market to five 
reference banka at 11 am each working day. The banka am National Westminster 
Bank, Bonk of Tokyo. Deutsche Bonk. Bangne Natiooele de Paris and 'Morgan 
Guaranty Trust. 


LONDON MONEY RATES 


Aug. 20 
1989 


I Sterling ; LoeaJ 'Local Auth,j Finance 

'CertiTicjrte interbank • Authority ’.negotiable House 
f of deposit deposits . bonds I Deposits 


Overnight-..—. 

S days notice — 

7 days or — { 

7 days notice... 

one month j HA- 11* 

hs-.- ! IDtl-lOii 


2134-18 

llVlUe 

11(4 11 <e 
ll'i 
11 
' 1Q3« 
10 >* 

lOte 

11 


llte-HU 
11U-11 
107*- 103S 

1038-10 k 

1011-1018 


113* 

lOfii 

10»4 

10&4 

103« 

10\ 


Discount i 
Company 5 Market Treasury 
Deposits 'Deposits 1 Bills® 


llte-18 .10(s-ll tei — 




115.-18 

111* I 

11-11(41 

11 I 


il-tll*’ “ 

105« 1 107J-11 


Eligible 

Bank 

Bills* 


Fine 
Trade 
Bills « 


CURRENCY MOVEMENTS 


10(4 

10 


107* 


.XOife-IOlg.lOrfc-lOZf, 

1 01*- 10 U 101 1- 10*; 

9{i-93* 


HU 

lOte 

103* 




_ ■ j Xllt-13 
- , ll(g~117* ! 

Two months.— 1 IDtjplOft J lOVllit- ( 

Three months. 10ft-lDjk l JgA JOff [ 

Six month*.— lOte-lOil UUffil 1 
Nine montha— lOte 101* I lOig-lOra t 

One year 10 V 101* j lOig-XOft . 

Two years, [ — _ J — — f ‘ 

£CGD Fixed Rata Starting Export Finance. Scheme IV Averaged Reference Rats for investment period 19 July to 3 

* aB teea^^authortties ^and ^fineroa 0 hou *ea seven days’ notice, others sevsn days flrad. tenfi™ Lf c ' B I f J| ' , “ 1 ^ 2«toare 
rate* nominally three -yaar* 111* par cent: lour yaars ll 1 * par cent; live year* 11* per cent. # Bank bill rates table are 
buying rates lor prime paper. Buying rates tor lour month bank bills 9“* par. cant: (our months trade bills 10*a per cent 
ADDroxImlte selling rate for oni month Treasury bills 10V IQ*, per «nt; two months 10*a-W> per rent and rhnee 
months 9> 10 oer cent Approximate selling rate lor one month bank bills 1M> per cent; two montha lift* par cent 
tad Three monS.* 10 »r «nc .ni month uade bills 11 per cent: two months 10»u fft cant; three montha 104 par cent. 

Finance Houses Bass Rues (published by the Finance Houses Association) 13 par cent fretnAugiitt 1^ 1982. 
1 j j c-Bnuh Ciasrina Bank Base Rates for lending 11 per cent, London Clearing Bank Deposit Rates for 
Sis at sev^d^ys notice 8 per cent Treasury Bills: Avar- age tender rates o» pBr 6,nt C4,rtjfi “ tM of 

Tex Deposit (Senes 5) tl pet »K ,r o m Auguit 18. Deposits withdrawn lor cash 9 par cent. 


Aug. 80 


Bank of Morgan 
; England Guaranty 
Index 'Changes^ 


Sterling- 

U.S. dollar 

Canadian dollar.... 
Austrian schilling.. 

Balaian frame 

Danish kronor. 

Deutsche mark..... 

Swiss franc 

Guilder 

French franc 

Lira 

Yen 


91.5 

120.8 

89.0 
118.0 

94.7 

83.0 
126.4 

147.0 
116.9 

73.B 

53.5 

138.1 


-38.0 
+ 10.9 
-18.2 
+ 86.7 
- 2.1 
—14.7 
■4 50.1 
+ 98.2 
+ 24.1 
-20.3 
-58:6 
+ 26.6 


Baaed on trade weighted changes from 
Washington agreement December 1971. 
Bank of England index (base average) 


OTHER CURRENCIES 


EMS EUROPEAN CURRENCY UNIT RATES AU8S0 


ECU 

central 

rates 


Currency 
amounts 
■gainst ECU 
August 20 


% change' 
from 
central 

rata 


V, change 
adjusted for ' Divergence 


Argentina Pato_ 
-Australla0Dltar...| 


Note Rates 


41,0761 
1.7810,1.7840 


divergence limit % Brazil Cruzeiro... 529.77-330.77 

w ■ ■ b annn ta none 


83,5607 • 'Austria. 

2.0845-1.0355: Belgium 

1 88 JS 6-189 .90 : Denmark .... 


Belgian Franc ... 
Danish Krone ... 
Ggnnsn D-MarV 
French Franc ... 
Dutch Guilder.'. - 

Irish Punt 

Italian Lira 


44.9704 

ZJ3000 

233379 

8-61387 

2.59971 

0.691011 

1350.27 


452696 

B22S87 

2JJ5751 

6.58711 

2JJ9007 

0.685119 

13Z8.4T 


4-0.67 

44I.ES 

±\JStn 

-8.10 

-0J2S 

±16430 ~ 

+1.02 

+050 


-0J5 

-037 

±13940 

+OJ2 

+0M 

±13004 . 


-0J37 

±T.8fl91 

-1.82 

-1.62 

±4-1369 


Finland MarUUL.B.2020^JI80S 1 4,7160^,7 160 France -- 

hrha^ 1I8.6MM22.261 ; -68J90^9.30 'Germany 


5.8830-5.9950 , Italy. 

84.75' Japan - 

; 0.9 90000 .290 16 ■ Netherlands .. 
47.13-47.15 .Norway 


Changes are fof ECU, therefore positive change denotes a 
wa a l> ^currency. AdjuStmam calculatad by- Pmanma) Times. 


U^. CONVERTIBLE STOCK 21/8/82 


Greek Drachma.. 

Hong Kong Della rl 0.40^-10.43 

IranRIal.... ' 146.40* 

Ku waltD ina r(KD)i 0.504-0.505 

Luxamboura Fr.,1 Bfi.-82.10 : 47.13-47.15 .Norway.. 

Malaysia Dollar. . . . 4.D505-4.0505 2.3305 2.3350 Portugal 

New Zealand Die. 2.37702,3790 .1.3605-1.3625 Spain 

Saudi Arab. Riyal. 5.9840-5.9991 j 3.4390-3 .4410 iSweden.... 

Singapore Dollar 3.72-3,75 • 2.1470-2.1500 Switzerland .... . 

Sth African Rand' 1^865-1.9890 ; 1.1410-1.1425 United fitvtes... , 
UJbEi DirJmtn^..: 6,3875-6,5950 ; 3,6710-3,6730 , Yugoslavia 


...J 30JW-30.30 
.... 1 86.2587.26 
..1 14.88-16.02 
11.94-12D4 

4.26U-4.301r 
2380-2435 
445-450 
4.68l*-4,72lj 
11.53-11.63 
144V161 
1B8(«-I99>c 
10.63 10.73 
3.61te-3.65l« 
2.75 1.75 
105-111 . 


Statistics provided by 
DATASTREAM International 


JJaxws imd description 


Size 

(fm) 


Current 

price 


Con- 
version 
Terms* dates* 


Premiumt 


Income 


CfieapfV) 

Dear(~)0 


Flat Itefi — . * ^ 

yield yield Current .Hangei Equ5 Convff DivV current 


British Land 12pc Cv 2002 


9.60 - 284.50 333^ .-£007 


4.3 


IS. U -4 to 8 30J - .87.1 20.2 +18.6 



Msiwgcment 
SL Geonx'S Way, Strwnagr. 

I-H Mjqrflowar Management Co. Ltd. 

fa 14-16, G remain St, EC2V 7AU. 01-606 6099 

i bspew n^a 

LhO 

2.20 McAnally Fund Management LM. 

9# Rrah Hie., JQrg WHUam Su, EC4. 01-623 4951 

100 0eipi1ii1mTn.A1x.j39j <221 — .j an 

OelpM Inc. Tit loc.._|raJ 28n3 .... J 871 

fldai 

Memap Unit Trust Mngrs Ltd (s)lcJ(g) 



□1-6236114 (Infcorn Hm, 252 R 6mfnnl Rd, E7. 01.5345544 

Menem H»J S3J|-0.q am 

Mercury Fund Managers Ltd. 
30.CmhmoS L, EC2P2EB. 

Gea DHL_._ 

Gen. Act. 

Inc. Recnverjr-—™ 

IntJ. i 

fntt. r4gc.~. — ._ — 1 
EOT. DHL tog IB — 

Expt. Acc.Augl6„ m 
Glh Fund- 

BfManrf Bank Group 
Unit Trust Managers Ltd. 

SSffiSMB: ■* 



Scottish Audcabie lm. Mngrs. LM. 

150 Si VlnceraSl. Glasgow. 041-2462323 

Equity Trust AttUB...|u91 12&M+L0) SM 

Scottish EqWfalrfe Fond Mgn. LM. 

28 SL Andrews Sq.Gdlnbmh 031-5569101 

gUS— E>... . Sfl:d S3 

DH/kg «y HMn«dar- 

Scottfsh Widows' Fund Management 
P.0. 80* 902, Edinburgh EH165BU 001^556000 
Pegasus Tst Aug 20_]105.4 113J3 +-X-9) — 

SIMCO Money Foods 

66, Caman Street. EC4N6AE 01^361425 
51 MCO Coll Fundt -IW°-0 — 

SIMCO ?Sb£Fwx>f.U50ij — 

SIMCO 5 Fd. t/dayH.. RsniXU — 
KJnWhdrW-Cra Deposit 

Stewart Unit Tit. Managers Ltd-fa) 

45. OurtXM Sq» EdlnOorgh. 031-3263271 

VSXBfedSb 9H 

Withdrawal Units . 

■British Capital.-. 

Accum. Units — 




~oM 

£ Diur. 


304 




Infl. jtetwry Inc4~ 

DBriho^Tnei. fWrt. 

Britannia Bp. of Unit Tout* Ltd. (a)(e)(g> 
SalMun House , 31. Finshur* Cir cus. L ondsn EC2 
01-638 047B/047tf or 01-SB8 2777 . 

UK Specialist Funds 

Assets — -It 


Capital. 


Formrly 


01-5885620 Do. Ace... ... 

178.71+23 2-9? Commodity & Gen...- 

+291 264 Do, Acc 

-0.71 363 Gift £ Fxd. Int 

Do. Acc... .. 


Griovesan Management Co. Ltd. 



:if 


„ fc ., 


Wi 



iu 

|| 

+12 


jfH 






01-606 4433 Income 
4.7| Po-Asc. 

m 


Japan and Pacific. — 

Do. Acc..... 1 

North American 

Da Brr 

Overseas Growth. 

Do. Acc 

Equity Exempt* 

Do. Ace.* 

•Pitas at teg 



••EorapeiinFimd ... JT 7 -! 

0(d. fTun. G fit. *WM. -Mon, 

Sun Affiance Fond M anag e m ent Ltd., 

Sun Affiance Hse„ Horsham. 040364141 

KMM»=BB l> iawJ » 

Swiss Life Pen. Tst. Man. Co. LM-(a)(c) 
9-12 ChcnpsMe, London, EC2V 6AL 01-2363841 
EqukyDW-: gUO .....1 4^ 




flwd Mto f _ — IQ1IL22 


|nL DIslT 

on Aug 'll. Next deSng’SepL'jL 

tPrices on Ana 4. Nest dufing Swl 

Target Tst. Mngrs. Ltd. (a) (g) 

(In*. Mngrs. J. RotiacMM In*. Mngc. Ltd.) 


31, Gresham SL, EC2 
Comuodlty 

lold^und Inc. 


Minster Fund Managers LM. 

Mhtsnr Hse, Arttnr Su. EC4R 9BH 01-623 1050 

MhtSUr Am16 (47.0 MM | 724 

Guardian Royal Ex. IMt Mgrs. LM. E«empiJdyS (MU 12«U( —4 762 

Hill rfJpSS? MLfl ^ Tmt MW™* Ltd 

a asKTE 

W (b) le) 


st— 

Henderson Admit 


Premier UT Admia, 5, Rayleigh Rond Hutton. Murray Johnstone U.T. Mgnt (a) 
Brentwood, Ewex. ^7ZL7Z3d 163, Hope StreeL Giascow, G22UH. 041-221 5521 

' 0 
.9 


Professional 

Shield- 

Brown Shlglty ft Co. LM. (o)Cg) 

Hariands Hse, Haywards Hth, Sx. 0444-456144. 
^ - Ftra : — -0L? sh.tefi +fta sag 



ILK. Funds 

SSSfe:”: 

Rrcovery — 

Cap. Growth 

Acc.Uolts 

Inc. £ Assets — 
Mgk.lMoiR Rads 
Inc. & Growth-,—.. 

I Accum. IHths).^— 

Sunder Cos. Dhi. 

Pref. 61 Gilt 

G UI Trust 

ftwd|( ^rest 

Financial 140.5 

Oil & Nat. Res. J505 

Int e r na t i onal 

Global Tedt 

lote mattonaJ- — „ 
World WUeAngTzO- 



Munay American — Ij 

Drafing stay Friday. 

Mutual Usrit Trust Managers la)(g) 

Broad SL Are., Stanfield Su EC2. 01658 39U-2 

Mutnl See. Plus IS2.1 56.11 +0-2 7.46 

Mutual Inc Ts PIj r 653 +B -a 7 ™ 

Mutual Blur Drip WR 52.94+0.3 7.42 

Moua/HlgOVkL t«.6 626 ) -0-5/ 933 

National ProvMmit Inv. Mngrs. LM. 


48, Gracechiach SL, EC3P 3HH. 
77 jw NWGth.Un.TJL- “ 



45 Beedi SL, EC2P 2LX 



Hansott TWit &ipc Cv 01-06 81.54 131.00 71 - 4 S5 ~ 01 


7.7 


71 1.3 


1 to 8 84.4 76.S - 5.9 - 7.2 


Slough E state 10pc Cv S7-90 . 5.03 225.50 . 3314 

$/ougfc Estates Spc Cv 93-W 24.88 104.00 


7843 4.4 


“4J3 —9 10 0 H-5 


4.8 - 2-8 + 1.5 


97.5 8038 7.S 7.5 , 


5.6 


3 TO 14 • 27.4 32.3 5.0 - Q.e 


" ' 1 , • u-h.rh rtOO nominal oi convertible etoek is ronvertibln. t The eitra cost ol invostmeni m convo ruble wpreBsed H f ,r “ n J ; ^ 

'Humber of ord.narv *'••”!* j " 1 ? ± Three-month range. § InMfne on number of ordinary shares into which £100 nominal ol convertible s,oC ^* 

This iBcoma, expreesod -n p«nco- re summed 

CWiraitaOb d«« whichever .*s *»Hr«r. _ t 

batwean the premium and income differencs expressed as wr 

i j.r.tiu r* nreeraw nHan». — >• ■■■ ...m.v-.-— r*/rttef dsernas*. <& Seeoird data it assumed data of conversion. This is not 
Oi underlying MUity. - i« 4" IndiratiPh ** r * i "* W * 

4teC0M«say the last data of coovareion. 


from preaenr unto until- Income on ordinary shares - « gnaw than Income on £100 nomine i ol convertible 
a is assumed to grow si 10 por. rant par annum and is present valued at 12 per cent per annum, f Income on liuo or 


Budunastcr MMogemant Co. Lid. 

Tht Stock Exchange. EC2P2JT. 01^5662868 

Accuu Unte Aiio (J- 
MsrBora Fd Aug D- 
Mcenmlta" ‘ 

(AcanL UoT’Aug 2D [569.9 
Canada lift Unit Trust Mngrs. Ud. 

26 HlgnSlvFram Bar, Herts. P. Bar 51122 

Can-Gen pta. [&9 53.7 

Do. Gea Accum — -I73J. 76 

Da tecome Dh*. — Wo $3 „ 

ftftSBwE* 1 

Cannon Fond Mnagrrr Ltd. (z) 

T Olympic Itay, WCrnUry, HM ONB. 01-902 8876 

Canal (James) Mngt Ltd. 

100. QU Broad Sl, EC2N 18Q. 01-5886010 

Capful MU 

I name -BtO . 

North towri tan . 

Prices aa Aug UTfiaddeiliBg Stpt 

Carr, Sebag UnS Trust Mangers (a) 

57/63 Mum Si, Mandiester 061-296 5665 

Cent Bd. «f Fin. of Church of Eng fandtt 

77 London Well, EC2N 1DB. 01-6881815 

EBSati-M 

Cbarinco Charities WR Fund# 

15, Maargata Lmxloa EC2. 

income July 30 1 

Do.Acaxn. -.4 

charities OfflcW Invest 
77Lan*ftWaU, EC2N JDS. 

income Jidy S- 

Aaaan.Jrty31 

Chieftain Trust Managers LM (a) (g) 

2i New5t, EC2M4TP. 



Dealings; 0296 5941 


imwtmiM Trust 

Special SRuaUons.—. 

American Eagle 
U S. Sod. Bond Fd._. 

MahnUa&Sni 

Pacific Income. 

Pacific Re lm 

Worldwide Capita .. J 

Income | 

Extra Income 

Preference Share. — 

Equity.— 

Pnriesuanal Aug IT 
Eauhy E* Ang 
Equity Ex Acc Aug lB|52ll2 

Tradec Union Unit Trust Managers 
100, Wood Street, E.C2. 01-6288011 

TUUTAug.2 \UJ0 7L3| _...| 526 

Transatbntte and Gen. Sacs. (e> fjr> 
91-99, New Londoa M.-CMImsford. 0245-51651 
BartleanAug.19— r ' 

I »»3id 

Arria n Uflffa) 1 



01-6234200 

+ta feu _ 

1J0 KSBSKfeir 


. Uni ... _ 

HdlngF0te^l2- 


m 


Australia n — 

%£!eg£= 

North Amor.—- — 

American Smaller — . 

Amer. Rrowy-TSL— | 

SRSAu 

Smlr. Cm. ftf-- 
Eiaupear teg 19.. 

Japan Aug 19 — . , 

North Amer Ang 19..^ 

Global Teehnntag.. I nOL6 
Pacific Exempt Tu — (99J 

Hexagon Servicas LM. 

4 GL SL Helens, London EC3P3EP 
Brewin tatL Gr. lac._|47.9 5031 .—J 

HM Suand Unit Tst. Mgrs.T (o) 



(SKMitTi 
KSftWfcl r. 

Vangd. te.Aiugl8_ 
iAccinTL units) 
wtewnuor Aug. 19. 

(Accum. Units)— — | 

Tyndall Managers Ltd.(a)ihKc) 

16, Caayage Road, Bristol. 0272732241 

crara. 


2J3 MEL Trust Managers Ltd. fa) (g) 

IHton Court, Dorking, Surrey. 0306 687766 


rjevuSii 


J*FTu_ 

Nefctar Hlghlnc.-..-, 
Helstar IstamaMesl. 


(Accum. Units) 

Income-, 

Jtecwn. Units) — . — 



4.53 



Financial Tron. 
jrFiaL IrLTSL. 

GltF.I.firowfh 

High Yield Tst™ 
Income Tiwq___ 
hn1Tn«.____ 
Hat ResqurosTd. 



«ra? assxsss" mmm *Bx 

ui=j»nB5 

Norwicb Union lnsuraoca Group (b) 

P4LB« 4, Norwich, NR13NG. 060322200 
firmer TH.ftmrf 15463 575JJ +2.91 560 


01-6288011 


Pearl Trust Managers Ltd. (aKgXz) 
om, WC1V7EB 


Natural Resources — 
AociMi. Untts — 

Scot. Inc 


-252, High Htribem, 1 
Petri Growth Fd. — I 

Aram Unia fw.<. 

Petri Inc. |«4 


01-4058441 



Pearl Unit Tst Wg.4 

(Aceym. Uniti) (752 

Pelican Units Admin. LM. (gKx) 

57-63, Princess SL, Manchener. 061-236 5685 

x ■ Pelican units Bft.I 157.3 + 24 | M 9 

KK Unit Trust Managers Ltd. (a) ra( lltM T . a»«n-rf (•) it) 

3 Frederick's PL, Ud Jewry, £C2 01-5884111 PeTpeti? 1 U«t T WWt B Mflmt. WW 


Aornffl. Units) — 

Lria Wail Fin. Prity .122JB 

Accum. Units)- ,| 

An 



GHSfcsSte. 

HK F* EjUfc Un. _ 
HK Comm, ft Gea 
HK Intone Tst 


ssiass'SE 



48. HartSL, Henley on Hones 

inSra 7 

Woridwid* Recovery ,|«.4 


049126868 


_.irWjOHilncPrny. 

Ldn. Wall Iml. 

Ldn. MWI Spec. Sib.. 07. 7 
^rara^b^Co^-Depuit finds 

TSB Unit Trusts lb) (c> £jr) 

PO Bor 3, Keens Hse. Andorra, Hants. SP10 IPS. 


Practical Invest. Co. LM. (yXc) 

^ 44, Bloomshury Sq, WC1A2RA 01^238893 

aaMfl=w sa=j 

investment Bank of Ireland (a) Provtonti Life Inv. Co. Ud. 

is 5 BM *“ "!&»« 01J476B3 


Bed Brit & 


Aapua m Not wh. 




JJ815 

Id “ 



American (?V , 

Auttrallan (n. T ~ 
- Far Eastern 7 slUL.i 


OX-2832632. 
27JI ~03 L49 


01-4059222 



Far Eastern TslUL.I 
High (name — - — i 
l ml. Tndtfxt— «j-.-li 
Basic RewunwTB..]: 

InoL Growth — ,L 

SafitWtertei 

Ctreuterttm Fund Managcn(g) 

57.-63. Princess SL. Manchester. 061^36 5685 

Growth MjJ J 

imemaitooal aid +g.fl .Lg 

High toeotne — P0.4 32&d +0J( 1058 

Confederation Funds Mgt Ltd. (a) 

50, Chancery Ls'W.WCZAlHE. 01-2420282 
Growth Fund BU 85-31 — j 4.49 



iHtah 

investment bitaffigence LM. (a) pSil&lEte 

W«R«Wp^EC2A2AB. 01405 6626 

MgAwr-TAa-®* 7MJ m Prolific Tedmotaw-I 

Intel Pactflc Fbnd jffi-J, aa3 || Prudl. Portfolio Mngrs. Ud. (a) (b) (t) 
leal Small Co’S FtL~P07JJ 114.4 +0$ MO Hottoro Bart, ECIH 2NH. 

Key Fund Mutagen Ltd. CaHg) - «^dra»M- sr BfJ-g 

1/3, Worship SL, EC2A 2AB. HUBBUB. v **x** Gat ^40 

Hunter Ma na gement Co. Ud. 

31^5Gresha» Street EC2 . 01-6004177 
Gen. Fd..— 1182-4 

iram Income..,— L 

In!). Fia® — J13SL8 ... 

— Rewery— H07.4 - llofi +1. 

SUSZBZB [Mt B ^38000 Henaace Unit Rpt. UL 

, Inv. TBS. 



Key Exempt I 

ssteniTe^H# 

Key Snuff Galt Fd .—11902 


KBsSrto^tS„ 

usasm 


KBM 



Reliance Hw^Turtrtlge 

British Ufr («.' 

ELBataieed- — 


IS® 


'Food*.— 

'UntfTa 

ReflancrUtTa (.. . 
Prices Aug 



Wells, 10 . 089222271 

f4.9 79 JJ +0 j 

Siq 

207.7| 


Next dralkig Aug S- 



_JSIrtL0«B... 

Do. AcOBia — 

Ulster Bank (i) . 

Waring Street, Belfast, 235JB2 

{UUIStar Growth — (46.7 50JM+O5I 441 

Unit Trust Account & lUgmt. Ud. 

Re»s Hse, Hitg WWIam St. EC4B 9R 02-623495 1 

Friart Use . Fund — fiU 5 tl d| ,.,.J 490 

NOTES 

Pno« are In pence unless tfhatwfee tafleated and 
those designated % with no prefix rater to U.S. 
dallan, Vieldt % (shown In last cabnri) allow far ail 
buying eroeraM. a Offered prices Indnd* all 
expenses, b todart prices, c VWd 6a»d on offer 
price, d Estimated, g Today’s speahig price, 
h Distribution free a? UK taxes, p Periodic 
premium liwrann plans, s Stagfe premium 
insurance. * offend price ineftda* off Mperaes 
except agent's commUUon.* Oftrred price tadudes 
sAespena ffbought through maraotraZ PrmKovs 
day's price, 'f Guermey ®wil A Supanded. 
f yield before Jena/ fax. t Exradytaton, 
fi Only auxIleU* ta darttabi* botfles. 


20 


-sn r 


] 


B 


PKE 

mitt 

a “c 
can 
serv- 
ing! 

was 

brea 
A* 
Was 
tend 
nw 
pliei 
wtoj 
thinl 
restr 
Hi 
Jack 
pron 
rebe 
that 
ferei 
and 
tax t 
Reag 

porti 

1 Tt 

still 

econ 

tion 

and 

fge i 

from 

thou. 

stem 

penc- 

in N. 

‘ He 

ing 

coall- 


o 

61 


A M 

66 pf 

June 
siren 
econ< 
latest 
■ Tb. 
it wt 
Stren. 
while 


-Ail 
Mi! i 

Mtua 
It wi 
helie- 
ence. 
A 

36 pe 
they 
had 
’ Th. 
as : 


Bt 


THE 
ment 
tion 
over 
main 
withe 
a v 
gchei 
' Th 
prefe 
ccmp 
scher 
the l 
disag 
beins 
price 
hccus 
fleres 
incur 
the c 
In 


ACTI 
fatter 
jnont 
jdefiet 
jreces: 
prote 
perfo 
outsit 
.. Thi 
achie 
grour 
.recesi 
Undue 

-fall in 
;ernmi 

i'fipatit 
: “ishal 
price 
more- 
'direcl 
iiJR tr 
Ins 
whole 
fbreis 
B|ut t 
year : 
1&S2 

ably 

Minis 
Is wo 
dbubt 
adopt 
Sp At 
Plans 
Lfw? 
;Th« 
crisis 
sentei 
fpreij 
oyer 
(A) C 

tion. 

curre 

expor 

lie re 

away 

into i 

CllitU 

and ( 

a.uct • 

: Th, 


FinanctaY Times Saturday nugusv zi issz 


f ! . 


and Markets 



LONDON STOCK EXCHANGE 


Gilts still booming at end of most remarkable week 
ever during which prices gain over nine points 


. Account Dealing Dates of the current extended trading 

Option ' Account. 

First Declare* Last Account Several FT- Actuaries group 

Dealings tions DeaTTngs Day induces attained record highs, 
Aug 2 Aug 12 Aug 13 Aug-23 including the Industrial, the 500 

Aug 16 Sept 2 Sept 3 Sept 13 and All-share. 

Sept 6 Sept 16 Sept 17 Sept 27 . . 

* " New time” dealing may taka J_#1I6 1SSH6S JUIflp 

mil £r. am *""* hu,in “ 5 cm Strong buying of Life issues on 

mv. , , consideration of their heavy gilt 

T 1 ? ee 5 portfolios featured Insurances 


ntort&i yesterda y. Double-figure gains 


4 -^ . .yesterday with W6re commonplace and Pearl 

e ? 5t ?! dm8 the ! r advanced 20 to 414p, after 420p; 
SStr 3 ”*"**• **** interim figures are scheduled 

5™]?: TihJf e ,r ^ ere for D?3rt Wednesday. Sun Life 

X2??i T?. UI ? djy j s «back of jnmped 17 to 3SOp, Equity and 
JJJJLJA r ?, l0ts ami t Law 16 to 466p, while Legal and 

market’s alignment with lower General, 275p, and Prudential, 

SSESSf^L 1 *^ r? tes “J 2‘5p, both added 12. Refuse also 
sustained hopes that the trend put an 12< to 25 dp and Haznbro 
w,H continue. £j fe improved 8 £ 2 50p as did 

Tills week's fall in short-term Britannic, to 27Sp. Still drawing 
TJ.S. rates has been particularly strength from comment on the 

important and yesterday's interim statement. Ttnyals firmed 
resumption of boom conditions 10 more, making a jump of 43 
in London again owed much to on the week to 3S5p. 

U.S. events. These included the Discount Houses continued to 



425 


1981 


1982 


nicked un 2 nf the previous day's the gold sector of mining mar. 
fall of '6 which followed the frets following yesterday's ap- 
company's admission that ashes- surge m the bullion price, 
tosi? has claimed mnre victims TTie j a tter advanced strongly 
at its Rochdale factory than it , n }j ew Ygjfc on Thursday 
first reported. Elsewhere. Jonn- evening and gained- further 
son Slat they advanced l n to -60p ground in London yesterday to 


in sympathy with * sharp rise \ 0 ucb S39Q an ounce prior to 
e and on demand dosing a net $2725' to the good 


. good 

at $354.25. 

Fuelling .the- demand for gold 
was the downturn, in world 
interest rates and concern over 
the possibility of a currency 


in the gold price 
ahead of the first-quarter figures 
scheduled for next Wednesday. 

Investment support lifted Dntish 
Aerospace 12 to 240p and 
Fisons the same amount to 40ip. 

while speculative buying fuelled - . - - - -- - 

bv bid hopes helped Scottish “ 1118 of Mexico s 

Heritable to rise 5* to 49p. problems. 

Hanson Trust added 7 to ISip Heavy buying of Bullion was 
aDd the per cent Preference evident throughout the week 
and the ~ l per cent Preference with the metal pnee showing 
were called snp to 96p nominal a S45.75 jump over the five4ay 
on the proposed redemption of period to its best level since 
the stock on September 30 at February. ; 

par together with accrued^divi- GoIds powered {rom tte 

dend of 1 >i-ao per share. Office oulscl ; jj eaV y overnight Amesri 


New Yorkmoney market’s res- mSor toe amS p^orm^ce ZFSZSl 

S™?S , ?lao P T a ^ a ?e £SJ: Xd 

lower Federal fund ra?« JSUi ™ ciable increase in trade. GU5 A support lifted Howd 


Occasional 
Howden 4 to I5Ip 


impressive 


rhowini 1 arrainsr a ««nri »n c ",r" weakness which* stemmed from i»»»* cuuj. a a,w»* 

weaker dollar was In additional Sort but intent was Sore sel?^ fLSSP 


incentive to investors •' ri™ estimates and advanced 6 to 157p. and Firth Brown, down a penny 

Sizeable domestic and overseas finished a shade bel™ the best. wbi . le si S ll3 , r sa “ s - v ’ ere ma 1 S? d 41 l 2p ' ^ ailea f t0 benefit from 

investment funds chased too few still benefiting from toe confident IS !f its Sedaf^Sel 

supplies of stock yesterday and tenor oF toe chairman's state- and Burt08 - . r 18 P- Electrical merger of its special steel 

longer-dated Gilts advanced 3* ment at Thursday's annual melt «££? ^ ££ 


and Electronic* rose 10 to 390p 
and Smiths Industries S to 355p. 
while toe recently weak Hong 
Kong stocks. Hutchison 
Whampoa, 120p. and Jardine 
Matheson. 150p. rallied 6 apiece. 
Bv way of contrast, small selling 
arid lack of support prompted a 
fresh decline in Toy concern 
making a decline on toe week 
Berwick Timpo which lost 3. 
of 6 to 14p: the board's state- 
ment about remedial action and 
confidence in the company'? 13S3 
product ran-e came too late to 
affect sentiment 
Lucas, neglected recently, 
attracted useful support in the 


can buying being followed- by 
sizeable Johannesburg and Lon- 
don interest which was 'only 
partly offset by Continental 
profit-taking. 

Small profit-taking from toe 
U.S. was reported in after-hours’ 
dealings, leaving prices a frac- 
tion below toe day's highs, but 
gams remained sufficient to lift 
toe Gold Mines index a further 
20.1 to 303.8 — a rise of 41-8 on 
the week and the highest since 
the end of last December. 

The outstanding performance 
among the heavyweights was put 
on by Jtandfontehi which closed 




“ ~ 1 I U; , UlvkUoll IAAII1 1 ? C TV kOJ (1C If C 1C t - J , . IBLbl “““ - - 

12 per cent 2013/17 gainimg at briskly traded and rose 3* more se nt ? m «it shU buoyed by hopes Foods made a fresh advance higher at laOp. Dourty rose 4 to 

+ 1 . M J r a _ s _ . " . ... « — _ “ . _ fir ITlPfaicfln T 1*21 fi t Tl *1 TUI I fMlM Tier . . 1 _ _ * V z C a »<1 * a A _ _ v_ ■ « a TT * 2 w 



sutt 12i per Whitbread rose 8 to 134p. Wines x r. at X84p, ‘ w 5'L e . C ^“ et J 8 ***®" expected next Wednesday, firmed ^mggaiM in ^e iropg 

19S6 by two an d Spirits, relative^ subdued ll’nfmS ■ couple of pence to 150 P . Among l* ei Jf 0 c ^ftoat mucMo 2f 

----- — recently, finished with useful 9 neen ^ a ^ i 3®^ p * an U!PTr Manufacturers, Avana remained - . — j c. ***-- *><v 

Exchequer 10f per cent 1987, gains Distillers rose 6 to 201p fin ° etl 6 and 3 respectively. In a buoyant market and 

iich was largely sold out at following the annual report. mail-order?. Grattan dosed 4 24 further to 555p. while 


shorts lifted Treasury 
cent Convertible 
points to 108. 


which was largely- sold out at follouringthe annuaf report. r mail-order?. Grattan dosed 4 2 4 further to 555p. while Sown tree 
9SJ on tender applications and BJiip circle featured Buildings lug3lcr at llMip, Mackintosh revived with a j»imp 


Closing gains in the Property 
Con- 
5Sp 

and Land Securities 6 to 290p. 
advanced ( jand hardened 2 to S6p 

as did MEPC, to 296p. Else- 

dia not operateas a.tapjegan ftST SlTlsTSg? The major Elearic^ displayed oflOtol^pand Unhed Blinit, 

p ^ um „“ £ f 0 +* , i Step 2 on notiffi no set trend after an active trade, rose 8 at 139p In sbarp^cootrasL raent groun. fell 4 making a 

form and moved up to close at — -- n * Piessey softened 3 more making Somportex fell 13 to » ip m a drop on week of 15* to 54p 

a two-day fall of 25 to 515p fol- restricted market; toe pre- following the suspension of 

lowing toe first-quarter figures, lim inary results are srhenuled t nr interest payment? on its deben- 

BICC. with interim results next Thursday. S- ana n. Bens- mres and dividends on the pre- 

scbcduled for September 8. also ford closed 1_ better at InOp on f en - ed a ad common shares, 

shed 3. to 302p. after 300p, but toe success of the company’s bid 

Thorn EMI continued toe recent for British Sugar. 

strong recovery and closed. 18 to Having been » relatively Oils gOOd 
toe good at 440p. Bacal advanced stead v. if uninspiring, counter of 

13 to take its rise, on the week late. Trusthouse Forte attracted Early firmness on Wall Street 

iw to 58 at 52Sp with sentiment still renewed support and. in an helped to bolster a general im- 

IISpl Nottingham Brick returned spurred by the chairman's c;n- active business, closed 7 higher provement in Oil shares. British 

to favour with a rise of 6 to 16Sp. fid ent A GM statement and hint at 125p. Drand Metropolitan, still Petroleum staged a useful 

while Tarmac improved 8 to 356p. toat a scrip-issue might be made bolstered by the strength of the revival and put on 12 to 2S2p: 

May and Hasselr hardened 'a !L ext year - Elsewhere, Electro Brewery sector, rose 9 more to toe interim figures are due on 


41. or one premiuk. Mirroring ™i - L£ bout ** Mesdcan P eso 
toe unprecedented strength of FlMS? ^pa per comment 
the Gilt market, the FT Govern- b‘?hllghtiag toe possibility of 
ment Securities index jumped c 2™ pe ^.L l ° D t fr0I ? hB ™ p0rts of 
1.25 to increase its rise on toe * h ®f I? ce ™nt. Aberthaw w-ere 
week to 3.88, or more than 5 d . uI1 , m sympathy and gave up a 
per cent, at 78.13. toe highest 5 m, ' ar amount to o!5p. while 
since January- 1978. 2"S h >’ eas ? d « 91 P- 

The authorities announced ^sewhere in the Building sector 
fresh Government funding at the ®- ^• n,uc h cnoLinued to attract 


buyers and nut on 8 more to 


zn leaom g snares conunuea to -y-- , . . 

benefit Business was maintained . ICI were a 


official close yesterday via a 
£25flm issue of Treasury 2$ per 
cent index-linked 2001 payable in 
full with tender. 

sharW^dTv^nift.JTift D tht ° t^» pen n y*to*' 70p7ol lowi ng thV* chai£ Protectivejiardened 2 to Kp on CTSp!' ' La dbrake. 'interim - ' result* Septembe r ~ 2 ~~ Shell were also 

fO* man's annual statement. ** investment recommendation d u e at the end of toe month, noteworthy for a gam of 10 to 

m leading; shares continued to “r-Si- «.?/_, i.- but Memec eased 4 to 310p await- dosed a penny to the good at 404p. while LASMO, 34Sp. and 

ins Monday’s first-h 2 lf results. i 37 P . Ultramar. 410p. rose 12 apiece 

and Tricentrol put on S to 200p. 
_ In contrast. Cluff fell 7 to S5p 

CM, to <*!(» It, toad from HWI «« the uninspiring taterim Bgures. jf,' ell lBdurtrl ^ lMdm 

Street The latter market began and unproved 3 to S3? with steady to firm for most of the brought an eventful week to a specuiaove ex 

extremely well again yesterdav. the A shares 4 up day. leading Engineerings fol- firm close. Publicity given to a p ^ . ‘ . _ . 

a development which ensured 'a total, on the other hand, lowed the late improvement, broker's circular helped Boots Scattered gains among Trusts 

strong close to the FT Indus- encountered further prnfiMakius Vickers .were udlewdrthy for a to put on 6 to 247'p^BOC gamed ^riuded Second AUUnce. 4 


wwnu mbuur vu iiwbmuisu . . . couule of pence ins Monday's first-half results. i37p. 

attoe enhanced levels of the two "“l* Int^ttonel St Eode International fell 29 to P 

nronnitc KKSiniK anil *> 10 - wSnlo more w inwrimioa.i .. i-% _ , 


aft&sss? ssssrsn^ B 9° te °p 


scene 


trial Ordinary- share index, finally after , P* interim results and ri ?e of 8 to 145p. while Hawker 7 to lS7p and BTH 6 to 334p. higher at 2/0p. and BL and G. 

10 8 hicher at 580 6 and nearlv ® a, -d 2 more to lS4p. edeed up 4 to 352p -and Tl while Glaxo appreciated 10 to Capitol, a similar amount dearer 

36 points up o-er the first week Store leaders finished toe week hardened a couple of pence to 765p. Turner and Newall at 32p. ®® n *S 


while ‘•Amgold*’ jumped f3i to 
£39 1 . Gains in excess of a point 
were common throughout the 
list. Cheaper priced issues were 
highlighted by Uulsel, 65 'firmer 
at 616p and Marlerale, 24 to the 
good at 149p. 

Financials mirrored toe per^ 
fonnance of Golds/ In South 
Africans, Anglo American Cor- 
poration rose 25 to 625p and 
Gencor 40 to S60p. De Beers 
put on 13 to 252p; toe half-year 
results are scheduled for next 
Tuesday. 

Continued heavy buying, of 
Gold Fields featured a strong 
London Financials sector. The 
sharp rise in bullion and base- 
metals and renewed strength in 
domestic equities saw toe shares 
advance a further 30 to 470p. 
after 474p; the company's full- 
year results are due on 
September 14. RTZ touched 44Sp 
prior to dosing a net 15 up at 
440p, while Charter rose 6 to 
203p. 

Australians remained subdued 
with the notable exception of 
Golds, where GMK jumped 20 
to 255p, Poseidon 12 to 146? 
and North Kalgurli 2 to.tfjp. 
Central Norseman put on 15 to 
320p- 

An exhile rating week's busi- 
ness in Traded Options went a 
long way towards justifying toe 
existence of this often neglected 
sector of toe market. Further 


FT-ACTUARIES SHARE INDICES 


These indices are the Joint compilation of the Financial Times, the Institute of Achates and the Faculty of Actuaries 


EQUITY GROUPS 
& SUB-SECTIONS 


Rons In |i wlhw dm hi its 
of stocks per SKflon 


29 

32 

33 

34 


as 

% 

39 

41 

42 


45 




51 


59 


61 

62 

63 

65 

66 

67 

68 
69 
TO 


99 


No. 


ri Aug 20 1982 

Dure 

Aug 

19 

Wed 

Aug 

18 

Tuei 

Aug 

17 

Mon 

Aug 

16 

Year 

to 

tom) 

or* 

Change 

% 

Est 

Eaxtogs 

YieM% 

(Mat) 

Gras 

Bv. 

VWU9S 

tfCTi 

30%) 

Est 

P/E 

Ratio 

(Net) 

Index 

No. 

Index 

No. 

Index 

No. 

Inds 

No. 

tain 

Nil 


CAPITAL GOODS [209) 

Budding Materiafc (23) _ 

DBBmidhftC i« l iwM o u (28>| 

Electricals (3D 


Engineering Contndon Oil 

Mectaiical Engineering (67) 

MabinlMeURmngaD 

Motors (20) 


OSNrUririUMaerMi 08>- 

C9NSWta GROUP (20Z) 

Brewers and DttiAen (22) 

Food Manufacturing (227 

Food Retailing (14) 

HattadHurfoUPMibm. 

Leisure (23> 

NvnnfWn, Pubfldiing 03) J 
PacJaging and Paper (14) _ 

Stores (45) 

Textiles (23) 

Tobaccos (3) 


Other Consumer (14) __ 
OTHER GROUPS (76). 
CherefcahOSI 


Office Equipment (4) — 
Shipping and Transport 03) 
Miscellaneous (44) 


UBtStlUL 


oustm. 


sam 


500 SHARE INDEX. 


FUMNCUL GROUP (227)j 

Banhs(6) 


Onoont Houses (9) 

InsunnceCUfe) (9) 
Msurame (ConoosHe) OO) 

Broken (7) — 

Merchant Banks 02) 

Properly (49) 


Other Financial (15). 


bmstnent Trusts (111) . 
Mining Finance (4) 

Pwrseat Traders Qffl 


ALL-SHARE INDEX (750) 


413J® 

34468 

Jmu» 

■mma 

476.98 

203.70 

155.90 

83.44 

35055 

335.48 

38178 
286. OS 
715.02 

515.49 

428.43 
528.25 
339.72 
302.45 
364^5 
35Z.9B 
263-24 
1 259.15 
33723 


Highs and Lows Index 


1982 


ConpBatlan 


smart gains yesterday in Loudon* 
brokers prompted a nse of 10 equity markets prompted excesp- 
tr. 320p m R. P. Martin, while tional gains in almost - every 


Exco improved 9 to 215p. Else- 
where. English Association 
closed S dearer at 14Sp. 

Apart from a relatively lively 
day'.? trading in P, and 0. 
Deferred, up 5 at 160p, Shippings 
vrere featureless. 


Golds at 8-month high 

Boom conditions returned to 


stock currently traded. Contracts 
done yesterday rose to 4J236. toe 
highest for some considerable 
time, bringing the week's daily, 
average to 2.4S3. The strength of 
the bullion pnee prompted 
strong interest in Cons. Gold 
positions, especially toe October 
series where the 429 calls 
jumped 33 to 60p. the 460 calls 
23 to 33p, and the 500 calls 10 
to 14p. 


FINANCIAL -TIMES STOCK INDICES 


ft 




Qovurnmert 78-« WJW 77JB0 . TO.4t.' Tfcfr \ «J». 

(rttereifc / 77.551 76.99 «-ST 75US; 7423' -lUR/tel 

IndintHsI Ord MO.B; B69.7 679,g: MBA 843.n 544A..MLS 

Gold Minas.— «M.8. 2as - 7 »■»•» a70 -° »*-0 *70.5 

Or«J. Dlv. Yield ' MI 013 B -** ..«•** 

Earning*, Yid.S ‘tain 11.59 it.M J1 -4l 1LB0 13JU- 1U4; : AJ4. 

PiC Ratio (net) W-W 3025 10.53 10.17! 6 M, 9.11 14.18 

Total bargains 25,652 2^800 27.S82 J0^74 : 17,170 Y1,5B2 tSAW 

Equftjturmm-rCmJ - i 1SO.U9 27*50 1*8 AS 103 J7 -UMK.lM 

10 sin 674.E. It am 575.2, Noon :* 

2 pm 575.5. 3 'pof-BTr.J. 

Basis 100 Oort- Srt*. iB.MO.tol Pind-im. '1928, . MWW* 

Gold Mina* 12/9/56. $E Astwiy 197*. — . 

Latest Index 07-J06 Wot 

• Nil 9AL. 

"_f . ' ^ ' 

HIGHS AND LOWS S.E ACTI V1TV 

' — — . j . -- , i • • ■■ »’ ' 

i 1988 ‘Since Corn plWfv " , i 

«’ High- J Low . High Low i ' ' ' , r — . 

: -flail/ . I'-. - 

floASMfJ 78.13 1 MAW 4#-« :GI £SSS.'‘ 428,*'. VBOJO 

I (70/81 j (5)1} (8f!)5M (5)1/71) EotUUu . , 

r<,_H Irrf : 77 S3 ’ 62.99 IBO.4 803S- OargalniL.:- • }J9J 183.3 

nxrtlnt ""' | 1 7lD ^1W7i (wW5l -YWWB , 5*6-1, 

ind. Ord j | 

Gold mjbbs™ MSJ |^L2 : 


i! 


*> 




LEADERS AND LAGGARDS 


Percentage -changes since December 31* 1981* bas®! m 
Thursday, August 19, 1983 


Health and H’aahcld Product^ 

Brawn and Distiller* 

Tobacco* 

Bectilcala ‘ - 

■food Retailing — 

Insurance Broket* 

Stares 

Consumer Group 

Contracting, Conetruction 

Industrial Group 

Capital Goods 

Building Material* 

BOO-Share Index 

Other Groups +10.6S 

Chemicals +10.43 

Discount House* +10JZB 

Newspaper Pubhahing J-iaZB 

All-Share Index + 8.68 

Shipping end Transport + 8.04 

Insurance (Life) .+ 7.70 


+46 63 
+38.54 
+33.96 
+ 23.41 
+ 26.23 
+ 25.38 
+22.39 
+ 22.25 
+20.10 
+17.63 
-r 14 27 
+14.21 
+12.73 


Pood Menufecturing ... 
tnvmmrwnt Troels 

Packaging end Pepw 

Textiles — 

Other Coneumar ... 

Meohanical Emj.needng 
Insurance (Composite) ... 
leisure 

Financial Group .. — • 

Engineering Contractora .... 

Property 

Other Induatnal Material* - 

Gold Mines Index 

Mining Finance 
Metals and Metef Forming 

Merchant Banka 

Banka 

Oversee* Tractor* ... . - - '"J®-*® 

Motor* “JJ-JS 

O0ce Edruipmeot -MJB 


+ 984 

+ 8J4 
+ 544 

+ S.34 
+ 553 
+ 3.49 
+ 1 S3 

- 049 

- Z.i IS 

- 354 

- 8.61 

- 7-11 

- 7.74 

- 8.43 

- 8A0 

- 9.29 

- 3.63 

- 9 76 


OPTIONS 


First Last Last For 

Deal- Deal- Declare- Settle- 

ings lugs tion ment 

Aug 9 Aug 20 Nov 11 Nov 22 
Aug 23. Sept 3 Nov 23 Dec. 6 
Sept 13 Sept 24 Dec 9 Dec 20 
Sept 27 Oct 8 Dec 23 Jan W 
For rote indications see end of 
Share Information Service 


I CL, New Throgmorton War- 
rants. Turner and Newall, 
Hadson Petroleum. Bowaler, 
Western ^lining. BSR, Lonrbo, 
Meekathara, Tl, GEC and Arm- 
strong Equipment Puts were 
taken our in Berwick Timpo 
and Grand Metropolitan, while 
a double was struck in Charter- 


Call options- were arranged in halL 


RISES AND FALLS YESTERDAY 


British Fund* 

Corpus. Doro. snd Foreign Bond* 

Industrials 

Financial and Props 

Oils 

Plantations 

Minos 

Othars - 


Totals 


Rise* 

Falls Seme 

Rises 

F*Hs 

Seme 

79 

, 

14 

351 

87 

*7 

32 

8 

36 

184 

1* 

T7» 

335 

179 

SIC 

1603 

920 

3628 

141 

42 

330 

853 

384 

1J48 

27 

Z6 

55 

160 

108 

272 

5 

2 

15 

19 

9 

82 

84 

7 

84 

348 

95 

334 

43 

56 

47 

355 

141 

220 

738 

319 

7.3» 

.4.063 

1.742 



NEW HIGHS AND LOWS FOR 1982 


Mgh 


tire 


+0.9 


99.661 ~M 
56653] +0.9 


345511+05 


351321 


mM 


37939 


|ka3 

lisi 

451221 

\wM 


303.MI 

367391 


345.94 


+0.9 

+05 

+15 

+22 

+28 

+0.9 

+L9 

+26 

+15 

+13 

+L6 

+25 

-02 

- 0.1 

+28 

-03 

+L0. 

.+03 

+03 

+ 1.1 


930 

11.93 

13.66 

659 

33.77 

1158 


+14 


±M 


+17 


+15 

+0.9 

+53 

+4L8 

+L7 

+02 

+02 

+09 

+13 


+07. 

+4.7 

+17 


+L7 


12.05 

295 

1056 

1L90 

1252 

15*4 

8.47 

6.67 

9.82 

1204 

1725 

964 

13.99 

2267 

6.50 

1330 

3457 

16.32 

13.47 

1124 


1108 


2289 


32.79 


3071 


3065 


538 

18.40 


33.96 

1427 


4.07 

534 

4.81 

1.90 

634 

5.78 

7.78 
036 

6.09 
520 
5.45 

635 
3.18 
3.29 

5.48 

5.93 

7.94 
4.62 
6.51 
7.84 

5.95 
631 

7.10 
8.76 
7.21 

5.49 


4.94 


839 


5.44 


6.84 

9.14 

017 

6.43 

086 

4.96 

625 

276 

6.94 


33.48 

10.44 

076 
19-86 

077 
3030 
1029 


13-59 

1017 

9.70 

738 

14.49 

37.69 

12.90 

10.37 

6.74 

33.79 

071 

4.92 

3035 

9.18 

836 

753 

926 

10.67 


410.05 

344.78 

64126 


■649.78 

16Z7J0J165O01] 


474.46 

20068 


35251 

8U8 

34758 

329.15 

371.96 

28162 


11.04 


4.95 


936 


284 


545 

627 

872 


573 


1>JH 


24.90 

626 


098 

857 


69627 

50727 

41818 

529.03 

13986 

294.11 

16482 

34957 

2614)9 

25707 

331*0 

100.05 

56L52 

343.77 


34650 


671*7 


3733A 


24886 

259.47 

27206 

27L52 


415.01 

35085 


479.15 

2B2JU 


15121 

3245 

3*8.71 

33=22 

376.68 

28339 

M8.44 

51160 

42537 

53085 

14232 

29859 

166.45 

35849 

26126 


40121 

337.(0 

62939 

1993J.9I: 

46845 

19654 

14849 

7879 

33888 


25980 

33631 

10226 

563.88 

347.99 


35056 


67108 


37786 


25138 

26784 

37621 

27028 


15738! 157.92 
52381:52427 


14134 

42730 

16528 


3QL75 

21525 

36137 


340.29 


14357 

43224 

16611 


30250 

39.89 

36722 


343180 


32255 

36523 

274.97 

67355 

49632 

40837 

52685 

13531 

28887 

16123 


34889 

25614 

24858 

32136 

9826 

54674 

33322 


33880 


66277 


36538 


24R19 

25809 

26207 

2E&12 


15544 


515.41 

13926 

42158 


36180 


29044 

20980 

355-75 


33315 


39528 

33315 


pr?n 
15SL43tl23L77t 


46818 
194 JO 
14525 
77.38 
33854 


31789 
354 J9 
77181 
66860 
493.11 
40L11 
52556 
13453 
285.03 
16380 
34023 
25553 
24528 
31533 


9630 

54292 

32901 


33389 


65054 


35987 


23954 

249.70 

25616 


258.18 


37150 

32486 

589.40 


50838 

712.10 

36759 

10580 

39757 

290.03 

30536 

2 70.90 

559.90 
359.60 
463.00 
497.66 
15424 
26983 
163.69 
267.77 
28821 


23673 

297.72 

11231 


54254 

31187 


31081 


74836 


34551 


15383 

51389 

13982 

41385 


15725 


20514 

350.96 


52786 


27677 

28067 

27581 

29893 

185.76 

43225 


17244 

499L50 

385221 


28L99 

43551 


33238 


4 i 58 i am 
35065 am 
649.78 08® 
1657.15 (2377) 
5Z385 GIB 
20893 (86) 

182.98 (29711 
102.40 0(2) 
'41063 (5/2) 

335.48 (20/8) 
38175 (20/Cl 

287.47 arm 
705.02 (20481 

515.49 (28/8) 

46L12 (2/4) 

53878 (3/6) 

153-22 (8/6) 

302.45 am 

18262 (12/5) 

35849 am 

77126 (2/41 

26883 (8/6) 

35357 mi 
13188 (29/1) 
587-28 (5/2) 

347.99 (18/8) 


35132 (20/8) 


75&7P M5) 


37939 am 


26853 (8/3) 

304.42 (22/2) 

28666 am 
28454 am 
17L78 (5/3) 

52632 02/7) 
15663 (1/1) 
46836 aim 
18935 01/2) 


35L24 OVD 
29934 (6/D 
52938 (6/D 
120568 04/1) 
46818 06/81 
187.11 (6/0 
13929 (9/8) 
7738 (16/8) 
*33732 (9/B 
26559 (5/1) 

26100 020) 
2553 mm 
545.79 (501 

33870 (50) 

39565 (9/7) 

47239 040) 
13874 (50) 

23802 (50) 

152.91 (50) 

25L28 (60) 

24767 am 
22868 (50) 
29769 (5/31 

89.99 am 
515.46 (50) 
289.92- (503 


28939 (50) 


627J3 00/31 


324*3 020) 


31955 Q1I21 
24L76 (3/2) 

43899 01/2) 


345.94 120/8) 


23823 (28/6) 
24930 06/8) 
21115 (771) 

24338 020) 
147.23 (20/5) 
41059 03/1) 

12839 am 

398.96 .03771 
15735 06/8) 


28353 (60) 
16&40 (21/6)' 
327-29 (21/6) 


30622 020) 


4156108/8/82) 
35055 08/8/82) 

649.78 38/8/82) 
H65715 (23/7/82) 

52365 (5/2/8B 
23026 (24/4/81) 
19229 (4/5/79) 
iro.59 asruim 
41053 (5/2/82) 
335.43 (20/8/82) 
38L78 (20/8/82) 
287.47 (27/2/82) 
70562 (20/8/82) 
515.49 (20/8/8Z) 
476.41 04/8/81) 

538.78 (3/6 7703 

161.79 0/5/81) 
302.45 (20/8/82) 
Z35J2 (170/67) 
35349 08/8/82) 
31X40 (1/5/BI) 
26663 (8/6/82) 
35357 (9/683 
24666 0/9/72) 
644.76 (24W8U 
347.99 (18/8/82) 


35L32 (20/8/82) 


7065*9 awnm 


37939 (20/8/82) 


Z79.« 0/9/81) 

304.« (22/2/82) 

31463 (20/3/8U 

29 ft 44 anm . 

38869 0/9/81) 

52632 02/7/82) 

27857 OJ5/72) 

517.77 (2/4/81) 

3Q3J8 085/72) 


332.9007/8/81) 
29626 04A/8U. 
48851 (18/5/8D 


345.94 (20/8/82) 


50710302/74) 
4467 0102/74) 
7X48 (202/74) 
84.71 (2S/6I62) 
6439 (2/1/75) 
45.43 (60/75) 
4955 (6/1/75) 
19.91 (6005) 
1277,55 05/1/81) 
6X41 (1302/74) 
69.47 (1302/741 
5957 01/12/74) 
54 25 0102/741 
117538 <2875/80) 
5463 (90/75) 
55.08 (60/75) 
43.46 (60/75) 
L5263 (60/75) 
62.66 0102/74) 
9434.03/6/62) 
122984 (28/9/81) 
5063 (60/75) 
7120 017217*1 
4534 (20/75) 
9060 (29/6/62) 
6039 (6/7/75) 


RECENT ISSUES 


EQUITIES 


5961 03/12/74) 


8733 gMjjg 


Issua jso 
price ,'og “3* 
P IB*5 oB 


1983 


Stock 


High Low: 



war 

F.P. - 

ff 

F.P. - 

rr 

- 30;7 

S45 

F.P. - 


F.P. - 

33 

F.P. 7/0 

‘35 

F.P. 10 9 


F.P. - 

— 

F.P. 20/11 



F.P. - 

80 

F.P. 24/9 

•A 10 

F.P. 17/9 

•60 

F.P. 6/8 

*137 

: F.P.30.'7 

T120 

F.P. 37/8 

'I 

F.P. 24/9 

— 

F.P.i - 

•r 

jF.P.l — 

id r 

IF.P.t - 


43 35 

62 lj 75 


fAngla-NordlG Bp .... 36 /■‘■I jbD.88 2.0. 3.SJ0.3 


20 

46 

24 

7B 

45 

SI 


11 

34 

24 

44 

38 

29 

96 


Antofagasta Hldga/Bl! '76 
Argyll Foods Warr'ta. 18 | «■■ 
Atlantis Rss. Int-.. .. 38 i— 1 


7.0 ' 36.11.3 2.3 


Beradin Holdings 5p 24 

•?Bio-laolatM top 


, 73 |+1 

■PColaman Milna 10p' 49 

$De(mar Group.. 30 

+EcobricNawOrd£l| 96 i ..... 


0.69 1.3, 3626J5 


Ul.3 3.2 4.8, 7.2 
Ul.68 2.4 8.0- 7.4 
bd10.fi 1.8. 16.6, 4.3 


63 • B7 
6B ! 48 


+ Da. Dafd 1 BO 

* Hadson Pax Int. 5p 54 
•p I nt’au ro peTech . SO p- 160 




; _ [+.-!- 


U4.0‘ 1.8 3.6.12.4 


F.P.< — 


6X49 0302/74) 


5568 0302/74) 

6244 02/12/74) 

8X40 0002/74) 

4188 (20/75) 

43.96 03/12/74) 

6566 06/12/74) 

3LZ1 (70/75) 
5661 (20MA5) r 
3X2907/1204) 


7163 03/1274) 

6631 (30/9/74) 

9737 (6/1/75) 


6192 (13/1274) 



: 







AVERAGE GROSS 

Fri 

Thurs 

' Year 

198? 


FIXED INTEREST 




REDEMPTION YIELDS “■ 

Aug 

20 

Aug 

19 

ago 

(aportnt.) 

H Ighl - 

Lom 


PRICE 

indices 

Fri 

Aug 

20 

Bar's 

change 

% 

Thun 

Aug 

19 

Bt ad}. 

*d aft. 

1 

(Wtteh fiMfiMCBt 

699 

9.M 

1249 

13.08 

lx® am . 
1626 (5/1) 

IK OKI 

10.76 (26/1) 

jo.® am 

10.91 tarn 
lisa am 



to date 

2 


10.76 

10.96 




■* 

25 years...... — 

30.93 

1121 

1X31 

14X7 02/1) 








4 

10.91 

l£53 

1124 

1X90 

14.58 

1553 

1MX <12/11 
> 16X0 (5/1) 

1 





638 

832 

5 

Coupons 15 years.- 





6 

25 years. 

1X37 

USB 

lAifl 

. 3546 (12/1) 

1X17 (2CV» 

2 

5-15)03 

12661 

+193 

12441 

— 

9J6 

7 

High 5 years........... 

1160 

1127 

1455 

1636 a ID 

U 60 asm 


Oyer 15 yean 

13260 

+262 

33865 

128 

945 

8 

CoapMB 15 years. 

H76 

1259 

K23 

1528 (5/1) 

3176 am - 



9 


1M6 

1156 

1X78 

M55 

32® 

. 15 .76 (120) 
IXM 020) 

1X46 am 
' lxao am 

4 

Indeenafaies. 

13559 

+229 

0255 

— 

727 

10 

bredeeRdite 1 

1X25 

5 

Afl Stocks 

22X67 

+172 

12X99 

646 

6.96 


Mr A lean 5 yean — 

3257 

waa 

2549 

1757.0 BU 

3257 am 

T 

MKubRitLnn:: 

9766 

4429 

9757 

- 

757 


15 yean — — 
25 yean. 

1296 

3296 

12% 
13 IB 

1552 

1556 

ltK 02/3) 
3672 02/1) 

3294 am 
mt- am 

7 

PHieiwcB 

7069 

+049 

69.75 

•- 

500 



IX* 

1/UK 

1556 

3&JM 0X0) 

is* am 


Equity section or group 

Other Industral Materials 

Other Caanr. 


HaaHh/HonseheM Prads. 
Other Groups. 


Overseas Traders. 


CnghwHng Contractors. 
Mechanical Engineering^ 
Office Baripment. 


InduslrisiGrOUp.. — ...-.'-*.... 


rr»*rf»r****" ** 


Base date 

Base Mdue 

Eqaty section or stoop 

Base date 

Bare wtato 

31/12/80 

287.41 


31712/70 

T2RO& 

31/12/88 

238.14 

Food Maadacturing : — 

29/12/67 

114J3 

30/12/77 

26X77 


- .2W12/67 

114X3 

3102/74 

63.75 

(najraHceBrofcers-^— 

29/12/67 

9667 

3102/74 

100.00 

Mining Finance — 

29/12*7 

100.00 

31A2/71 

15X34 

AllOther 

10/4/62 

10060 

31/12/71 

15X84 

British GouMimrant ^ — 

31/12/75 

10060 

16/1/70 

16274 

Debs. & Loans 

31/1207 

100.00 

31/12/70 

12820 


3102/77 

76.72 


t Rat yieta A Ba of the' constituents bwallabto from the PiiWhhm, The Financial Times, Bracken House, Cannon Street, London, EC4> price ISp, by post 2Bp. 

NAME CHANGES: Greycoat Estates is now Greycoat CUy Offices (69). Estate Drfte investment Trust is now Edth (711 




_■ Jp>‘l _ 


■■ U2.52- 3.4 2.115.1 
F3.5I — ; 2.9. - 


178 1170 JPactrcl EIectronica...|17B [ F5.5, — ; 2.9 — 

25 1 20 jRIT&NorthemWBr'to! 25 Ul ; — I — I — — 

Mis! 81 jRowe Evana Inv. 10p.' 31 — J — |— tfta 


13 11 ■J'Sheraton Sacs IDp-l lUjj — j — j — j — 

44 37 (Walker (Alfred) 10p..{ 39 | M.Tpl 8J 2.8 7.3 


■w-t I 1 T 70 JMI IIUIIWI ...... reare .,re. * — 

J 6 t 28 o&Yetverton Invm. Sp^i 29 J-** J > — > — ' — i — 


FIXED INTEREST STOCKS 



TX Ip.p. ' — 60p ! 92pAntefasarta S.BXPraf.rei) 88p 

99.52B -£20 ! — s ZSHi 8Ha Australia 13ie* Ln- 3010... 3BV + 2i s 

1100 F.P. 2B/7 100)2.95 CrenTte 14%Cnv. Uns. Ln.'92. ^ I 99 

100 F.P. i — .lOOSfi' 99*3'Nationwlde Bdg. Soo.ll7rt(15f8iBS). loots.— in 

99.345. £25 ! - 34^ Z4lg Maw Zaaland 24ti* 1957. ;,'«*'+!« 

100 F.P. 9/S 1081- 100 Perttrnouth Water 14% Red. Deb. 'S3. 106l| +ti 

•IR£1 F.P. 3;9 82 82 Swurfit (Jefferson) Pref. Units 2p 83 J 

*100 £10 17.11 15ii 13 i s Wart Kant Water e*€* Red. Praf. 87-89 151s : 


NEW HIGHS (181) 

fNTCKNAT-lONAl MASKS iSt 
Ini Bank 1j: : oc 'B6 Swaden 13>pc ‘56 
Do 14pcLn 'BT 

CORPORATION LOANS HO* 

Bath IH.pc 'as London Cera 13XK 
Birmingham T2';K 'Ba 

'BS Do 9l*3C B4-BS 

Cardiff ripe '86 LCC 5'-pe '85-87 
Lends I3J-BC ZOOM Da fi'.ae '88-90 
Lraerpool 3 ^pc Irrd CM 3 PC *20 Alt 
COMMONWEALTH AND 
AFRICAN LOANS «5« 

Aval 6 pc '81-83 Do 4VS« '87-92 ASS 

NZ 7*rpc ’83-86 Zimoabwn Ann 

S Rhodrsu 3 >:pc <t100 mi 

Ass 

LOANS n> 

Aerie Mart 5 pc Do 7wicAIH> *91-98 

'59-89 Do 9ncA '91-9* 

Da Tl 'tocLn '90 Do 8'spcLn ‘92-97 

Do 1 2':PcLn '92 Nationwide ULPC 

DO 7UOCADb '59-92 4.4.83 

AMERICANS <1* 

Alcoa 

CANADIANS (II 

Imperial on 

BANKS »4i 

Cater Allan King A Shannon 

Serrard . Nat Union Discount 

BURS Vi 

Ball CA.1 Cuinnm 

Bell (A J 9i:BCCn* Mars ton Tlwnp^n 

Distillers _ S<o« * Newcastli 

BUILDINGS rii 
Monk (A.) Tarmac 

Red land Wrrts 

CHEMICALS 141 

Ciba Gaigy BXdcCbv Hoescht IOocLo 

*82.95 Laporta Inds 

Ellis 6 Evarard 

STORES <7» 

Ajprn. Marks * Snr near 

Burton Group Millcits Lersure 

Comer Group Smith W. H. A. 

MFf Furniture 

ELECTRICALS (8i 

A instead Philip! FIB 5J.DC 

Dale Elec Racal Elec 

Miles 3 Sc holes [G. H • 

Druck Hid* Security Taj Sr* Ine 

ENGINEERING >2i 
Hiwtror SWdclev Wagon Ind 

FOODS fTl 

Avana Grouo Rowntre* Mackintosh 

Cadbury Scnweopes Salnsburv fj.) 

Hazlewood ' Utd BMcults 

L Infood Hlds 

HOTELS ft) 

Grand Met 

INDUSTRIALS <141 
BOC Group Oulld Fin Cnr 

BOC 9pc Cnv 'Pitney Biw, Ln 

Black CP 5 Ricardo 

Fobei lot Soot Heritable 

Hannon Tnnt Sears 

Do 9 ’.PC Cnv Wltoi rH. K.i 

Office A Electronic Wiobeler'Htrgrws 


INSURANCES i«> 
Eouitr A Law Pear. 

Legal A General Prudential 

, • LEISURE IT» 

Radio CltV A N-V 

MOTORS <11 

Dowtv 

NEWSPAPERS tfl 
Portsmouth A Spntlrrlind 
_ SHIPPING 111 

P A O Deftf 

. SHOES 111 

Ward White 

TEXTILES 121 
Corah Jerome 

TRUSTS «3i 

Ambrose Cap Sp«*t *nc 

Murray Clydesdale Trlpieveat Inc 
Sec Aillancr fit . 

„ OVERSEAS TRADERS 111 

Berlsiord fS. & W.i 

.MINES OB’ 

Durban Deep Biwoor 

Randfontein Em Dealkraal 

Simmer & Jack ODonrtontWr, 

West Rand EJandsrand 

Bracken Ebbur* 

Cons Mo dde rhin W w Ha-trbeest 
Grootvlel libation 

Kinross Southvaal 

Marieoal* - Kloof Gold 

SA Land Vtittriotot 

VlaMonteln • Loralny 

Winkelhaak Umse! 

Wit Nlocl 


NEW LOWS (29) 


Amaa 

ANE 

Blue Circle 


AMERICANS C3< 

Chase Manhattan 
BANKS 111 


BUILDINGS >91 

Leviand Pali* 
ENGINEERING (3) 
Brotherhood rp.; Wellman Eno 

Tea Abrasives 

HOTELS til 

Wheeler's 

INDUSTRIALS (6) 

Berwick Timoo Centre May 

Bndon Hawking A TIpSOS 

Cape lias Peak Mid* 

MOTORS 41 » 

Abbey Panels 

Proper tt n> 

Lend Lease 

TEXTILES (3) 

Atkins Brothers Textured JeeMT 

Scott Robertson 

OIL A GAS ISt 
Am Oil Fields Otfvhorw 

Cluff Cn* A Ohio Ret 

Intnl Pst Weeks Ault 

^ ... PLANTATIONS rjl 

Williamson 

„ MINES ret 

T ranch £<cpl*trr» Cekt 


THURSDAY’S ACITVE STOCKS 


Baaed on bergams rn corded m SE Official List 


Thursday's 


“ RIGHTS” OFFERS 


iMua , 
Price ! E3 
P ■ <G 


Latsst 
Ren unc. 
data 


1982 


stock 


3l* 


|+J r 


160 

100 

103 

78 

25 

78 


F8. 18/8 22,10, 
Nil - - 

F.P. 6/8 17/9 
F.P. 2/8 17/9 
F.P. SB/1 3/9 


High 


245 

40 


SI 

84 

231* 


Nil - — ,100pm; 


Low 


I O' 


224 


__ . -Auto ma tad Security 10p^_i 

aSpmi* Berkeley Ex pto ration £l ! 

117- iBlundeH-Permogliza..., 

80 jSssal Pet. fip.. 


21 tienks ft Catted - 
OSpmiPMtrol Electronics — 


245 

25pm 

121 

82 

21 

95pm| 


-2 

+2 


Ramnctottoa date noaily U«t day tar itortlng tree ol stomp doty, b ffignraa 
based or pnapeoto* •stimato. d EHvhto»d ret* paid or payihto on part ct 
capital:. oover ba-red on ifivhtond on fuH capftoX g Assumed dividend and yield. 
t Indicated dlvhtend: cover rel a t es to pnvioua dividend. P/E ratio based on l ilHl 
annual Mmin^s. a Foreaaat dMdwd: com baaed on prertou* ymmfm aaming*. 
F Ohridsnda and yield bleed on prospectus or oth«r offlabrt estimaiss for 1983. 
Q Gross. T Figures Saaomid. 0 Bgufss or nn»rt ewntsd. * Cover allows for 
convereioa of sharea not now rankwa lor dividend or ranking only ter restrict* tl 


dividande. 5 Placing price, p Pence unleu othenaries indicated. 4 Issued by 
Tsratl to holders of ordinary shame ea 8 "nghla." •• ittutd by way 


Under. 6 Offered _ _ . 

ol capita tisanen. ff Katattadueod. fl iHtrad )a coiMection wftb MPfgMtoetion 
meager or take-over. || Immduotion. □ lee usd to lormer pnferanc* botdara, 
■ Allotment letter* (or fully-paid}. ' • Pnwfaloail or pertiysMld sUotnwtt totters. 
+ With warrants, ft Daa lings under epecixl Rule. «*■ Untleud Seen reties 
Market. & Undo n bating. * Eti*«hre Issue pries after scrip, t Formerly 
dsett tn under Auto 163(2) (4}. *t UflR. cmoprWng ortinary Md Ibrte. 
Cap. shires. V issued free At ea entitiement to orduury huldws. 


Stack 

No of cIositj 
pnee once 
change* pence 

Day's 

chemje 

Stock 

.No. □ 
p. .sc 
chan.-;i 

Fleasfiy ... . 

16- 

51E 

—22 

BP 

10 

Fison* 

14 

395 

-13 

GEC 

10 

BAT Inds .. . . 

12 

ASO 

-15 

Hit & Ehar% 

hni 10 

Glaxo 

11 


- 5 

ICI 

. . ' 50 

GUS A 

11 

519 

-10 

RTZ 

in 

Knpnedv Sm4l* 

11 

160 

+ 13 

Eurft "eri.ei 

9 

Racal Elect ... 

11 

515 

- 2 

ShcU Trans 

... 9 


Thursde/s 


b“cb Dar’s 


:td 

rta\ 

M 

290 

AT. 

B? 

394 


- .1 
- 2 
-10 
'+ 1 


5-DAY ACTIVE STOCKS 

Bned on bargains over the five-day pened ending Thursdvy 




Thura. 






No. of 

dosing Chnnae 


No. of 

dos ; ivj 


price 

□nee 

on 




Stock 

changes pence 

week 

S*wk 

channel 


GEC ............ 

86 


- 

Shell Trana , 

.. GS 

394 

Pleasey 

73 

518 

J -11 

Royal Ins .... 

... 68 

375 

Racal Elen ... 

7S - 

515 

+A2 

Barclay* Bnir 

. 67 

373 

Cns Geld Raida 

74 

440 

+■43 

RTZ 

- 67 

425 

ICI 


293 





Glaxo 

73 

‘7S5 

+25 

Cable & Wire 

64 

272 

Lonrho 

G3 

87xd 

+ 1 

Grand Met .... 

.. S3 

363 


on 

weak' 

+2T 

■*■35 

-10 

-18 

-10 


ACTIVE STOCKS 

Above average activity waa noted in die foliowinc sleeks yesterday 




Posing 
price Day's 
p«nc« 


Bon if ord IS- and V/.} 

150 

-12 

British Homs Stores... 

157 

+ 6 

BP 

282 

-12 

Cons Gold F'oid# ... 

470 

+30 

iueas Inds 

IW 

-14 

P. and 0. Dafd 

iw 

:+ s 


Sraeir 

Feseido*’ 

flandfonteir 

RTZ 

Scot, ar.d Hbw-biks 
TrusthOu** fijns . , 
^aal fW. 


CtoSint 
pr-c* Day's . 
EOSte Chi<-;i 

‘Ai +12 • 
... Cii 7 , ♦ * 
440 '+1£ -. 

::: ^ ZP 

£33H t IV 





































;s 


iinancial Times ■ Saturday. August 21 1982 


SURANCES 

y Lift A k otb c* Ck Ltd. (e) 

. PWT* OwetyW* EC4P4CK Or-24S9UI 
rtyfimd.. “ 

■Fund._ 

-■afc 

he Fund_ 
rFuncL«.«, 

MM Fund 




INSURANCE & OVERSEAS MANAGED FUNDS 



— Growth Prop' Aw3 . J 

— MncdPiSB. Auoj3— I 


Oft 


nr Life ftnonnut Co. Ltd 
M Burlington St, WJ>- 01-4379962 

ga=s = 

sswvsSB & 

Fat InLFd 
l FtLAec. 

r (rw. Acc 

lyPw.FdAec_ 

ol.PeoAtK.__ 

■Moo.Pen.AaL_ 

Mn.Pnfttfcc | 

i.PenJ«.„__ 
elnv.toJfcte _ 



PWv 

Pens. T _ 

Pin*. Fed 

Bm.fwtJBt.Wf- 
Pm Money to — J 
Pm Money m— J 

CntMfcr hudiM KC 
Tower ^^H»38TiWtyJd. ECW«J 4882323 

la? Kuan — 

Eagle Star tamr JMUbnd Anur. 

LTlveadnterteSL, EC2. 0^58812X2 

Eagk/MhL Units — 1034 BM+UI 5JP 

Equity A Law Life Ah. Soc. Ltd. 
AnieMam Roa* MtMMnnfe _ «94 33377 

tsasasd®* 

Property Futd-—. — 

Hxed Interest Fund. 
teds* Linked toes fed. 

'S&fi&a 

Far EM Fund. __ 

IntemaflopdFiwd 
Mind Find 


Ufe Anue. Co. of Pwwisyhanto Nonvteb IMbd Imuran?* Group 

8, New Rd. ChWfnm. Kem. MnJrraytfl2348 PO B« -^Norwich NR1 3WG. OtfB 


fee Safer 


rr_l Z LACQP Units .1X1.99' ' EL5S ,. u 4 — 


22200 




Uoyds LHc Atttmnec 

20l Cntoq St, EC2A 4HX 01-920 0202 

Ml 


EV Ufo Acwnaae* Lid 

print® or wwn Rd. B'raim. 

«MFd 1 

S'iSpS 


0302762122' 



f _ .GfWlftRL 1 

f A «N . 'Hal Fima 

l»i3[ ftp ; .owy Fund 


relays Life Asmr. Co. Ltd 

tRm*»tfML,E7. .01-5345544 

'daybonen 

jtty 




EauUyFund 

RSnSScd 

peposit Fund... 



Hendctr Uriee.Llfe tanaanca. 

— -nxedTnf 


I-.-V1 - 


— • “ Bd»taW«J. 



OMtAn*} Ltd 

,wav7m. 0X4058441. 




:Stambnt Life fta at in w ca _ 

3 George St, EdfnUxtfZHZZXZ. 

ftst 

Equity 

- hnenutlonB].. 

Fixed Interest 

. fnjs LWusl_ 

E^bH'MjwSSCT 

PtfiBJOn Piflpe - 

PtndonEaitq 
Penstenhat,. 

Pension FW.li 

Pendai Index Unhed 
PensMCasb 
San A W a ne* fns w auca Stomp 
S ui Affiance House, Horsham. 

We* Linked Fund_l99.7 

§ffl5£rasr:l 



I 

BtehOMpte Commodity Sar. Ltd 

P.O.Box 42. Douglas. IxlM. 0624-23911 

s^l 

MAPSA-AugJ W3T_ viM ..-.J — 

Orfgtari hw* *Stfl and ”£L Naxt «& Sept 6. 


B fel W Wrt I 


BfMw 

GTO^toc 94Q, “Hong Kong 

r.:.i L44 

Britannia ML Investment Whtfnt Ltd 
US. Orttar 


PULBk 73, St. Holier, Je^JT WMUl 73930 

Gutanot Mahon hit Fbmi (finmtr) 
PO B*C 106, St Peter Peri, Guernsey. 0481 23506. 

Mm*v* PacWc Fund Mjmt Ltd . 
aw Conran** Csure. Hong Korn 

”(S8|«al = 

Hamtew Fd-ulpn. (C.I.) Ud 

P.a Box 86. Gummy. 0481 26521 


Capital Reserve Fd.t 

totofeni*-.. 

sErfbgteeoreeFUncr. 

Dollar fncerer Fund, 


. Property RineL. 
Imernadi 


moenftt Aswranct Co. Ltd 
4-5 Khg UWIsnSf, EC4P4HRL <n^3a<Kn 

.BSKBacifiM 1 

pi na ttf Hrittal losuraacc fin. Ud 
Cnabyfti, dwaterioo, LW. 051-9286655 
HbngedRnd.Z-^ 136JJ +4.7I - 


^ = ..»cr 

Misr 

SbESrt- 



-- aS»==:P 

__ . NWuraMtnourecs — TOO. 


040350255 


Ula Anraua Co. Ltd 

HM,KWWtiS>teltn 0044458721 

-l it - 




0J3 


Fund., 

1M Band Aug 18. ! 

MMdul PhpfM PW* 

Index Unkart 1113.9 


Trmlte.TiWL,, 
inM. Bonc L — . 

ggtojKd 

tExMn Mu* ttogr on Pirfl oritn, 

Hcmhrton Admin. & Mai. (Guernsey) 

7 New St* Si. Peter Pore, Guernsey M8126541/Z 
AmeftonlOSe«tt>,tlD17 lWZ 

Sf*^±!3Bi i&tawiu 

Haidmon Baring Gmup 

SOL GJWKfSterTowrr.ll.PtdderSt.HangHnig. 

Australia* w.oo 7i * 

X«an TWl - @53? 


21 

Quest Fund Man. (Jersay) Ltd 

P.Q. Bat JP«. S. Hcbtr, to* r. tBWW, 

aSWr- 

BuBter/KefaoU CommaOtfis 
31-43. Gwslwnairrt. EC2V 7LH. 024004277 
R«cFd.lnLAwi..B).49lH „*B0| .....| 200 
hta dwimg rate Sa* l. 

BBC Inmtnwnt Manoers UmHa t 

PO Box 246. St. Prior Part, Guernsey. 0483 -23031 

I3i '<2SZZt=%M ogSU^C 

North America Fd. [13.95 4J5W —J — 

Rambus Man ag er s Ltd 

P.0. B*. 1549. Hirtin, Brnmtta. Wt29i 2-7979 

Rxrinco Aug. Z. IS8.66 8.931 .—4 — 


Rtchmond Life Ass. Ud 
4 Hill Street Dcugbu. I Q.M. 


Coin Trust 

Diamoed Band., 

.G«MBona 1 

Managed Flaw 

Pctroraan Oil Trust... 

SitWreTruR 

_ SUxei Tishl- — 

SieriliM OfpoSJt fld.., 
— UK Gilt Fund. 


31.7 

iS 

J426 

WA7 

J15L39 

149.3 


062423914 
35.1 
T3S . 

23JJ +lS7f — 
127.1 
108.6 
L34S 

152.4 _ 

17V 7 ♦10.71 
159.92 . 

157 C +0jS 


131 


10.03 



£4FM Fd InL . 

PfepetyAugl 

Son Utt of Canada (UK) Ltd 

■ 2,3,4.CoOapurSL,SWlVSBH 01-930 MOO 

JWe Lad Phn«. . . 

CtawthAceouid.. 

Mmaged Account 

GadtylUA<xiim_.-,; 

Priwrty Fd. Aceuni, 

Fixed im. Fd. Accum. 

Intel. Fd. Acoxn 

■ Man®* Fit Acorn. 

indnXjucLFAAcaa. 




_ lot Cur. 


Bnrnn Stripley Tst Co. (Jfnay) Ltd 
PJ. Bk 583. St HeBer, Jeney. 0534 74777 . 

&S&& ***** 


BondFiL JSlOJtt ZtL&BHUM I ZOO 

Weekly twangs . 

HJH-Swmrtf A Co. (Gvermcy) Ltd 
B LeFriwre SL. SL Peter Port. Gwnn«v, C.l. 
Guernsey To.,..; .1215.0 230.01 .... J 3.40 

MB Samuct hwertiw i t MgmL IntnL 


RothtcMtl Asset Management (C.l.) 

P.Q. Sox 5AS*- Julians CL. Guenser. 0481-26741. 
O.C. America FA* — 

0X.SM.C®.***.— 

O.C. CammPHt.— 

O.C. Wr. Cam&.«_ 
aC.Hon9K9.Fd.t1 
“O.C. M wna Hanel 
8H. FVaiw <FKI 776-' 

CanuSan 5 B 6 

D-Ma* «2 

Dutch GulldfT,. _«.] 

French Francs.. 



- AfttwHeM 


Co. Ud 


i7«J :;::j - 


.head 

mck Horae Ufe Ass. Co. Ltd 
, LWTtart SL, EC3. 01-6231288 

«* Hors* Man. Fd. 
na9edlnr.Fd.-_ 

oprrty Fd 

ted Interest Fd. — 

stlFd. 



Sridndr Gmnh Fd. 


Hr Co'S 

LTectnofcoy Fd 
h. Auer. 4 Gm. 


SS&n F4 - 


■ Fd. 


Find., 



— ST Pen 

Asdcwarioal GENERALI &*JL 

117, Fenefturd) SL, EC3M SOY.’ 01-4880733 
l nU. Managed Bond— IML7 M92J — 

Ganerd PortfoBo Ufe bn. C. Ltd 
CnHSbroak SL, Ctiedaw; Herts. Waltham X 31971 
w? ‘ 

_ sassfcL 

— portfolio Man. MIL. 

— Browth & Sec. Ufe Acs. Sec. Ud 

— 48 London Fndt E«±aig«, El 6EU 01-3771122 

I. = 


Umtfan A'ritan & Nttm. MIL Assur. Ud 
129 Ktugsmgr, London, WC2B6NF. 0X4040399 
'Asset Builder 1 |545 . S7M 1 - 


Prep. EtpiBy * Ufe A**. Co. 

AZltowsteeteh, London EC3A7AY 01-621 U24 
R.SUkPriV-Boad_J 2492 1 J — ' - 

Property firawtb tesv. Co. Ltd s - , 

IHo ^CmydDn CWlLU.^ U-6800606 ^fesiSd 

assd 


Pers. Pen*. Account J 
PmMgdfec-AoQnt- 
Sun Ufa Unit AsaiuaiiCa Ltd 
.1(77, QwreaWe, London. ECZV6DU. 0272-2995*4 


BStiE:— , 

Property Crp. 


London tnrisnnHy & Bid Ins. Co. Ud S225 Sf2w U ^ 
ISaUfeFbfhury, taring _ _ SBBU.' •ffiSSS ftHriTw 



MSC;.. 

Flxedhiteresi— — t 


— ' &*rfty Fund . 


London Ufe LMced Asmr. Ltd 

IDa Tenuis St. Briflof BS16EA. 0272-279179 

^ -m=t = 


IranKl. Arai'ty ZI 
lutemettmalFd.- 


GnanRan Royal Exctang* 

Royal Exchange, EA1 


67101 


Property Bonds. 


.1297.6 mOt 4 — ■ 





Ac..Ute^KL3 


01“: :3VC 


anada Ufe Assurance Co. 

"6k High SL. Potter* Bar, Herts. P. Bar 51122 

SMMKd ^ l-d = 

anada Ufc Aasurance Co of 6. Britain 

6 High St, Potten Bar, Herts, 
lanaged Pen Fund — I13W 

roperty Pen Fund UMS 

idee Lnfca Pen Fund O-W 


BsAylnKhd 

Do. Accum. 

Fixed InL Initial 


Do. P n mt „ . . . . .P7? ? 
P. Bar 51122 Internationgd JbhW_ll25J 
1 1 — Do-Acoam. -... - . 11353 

Proi>miy riUtW J (Ufa 


London « Manchester Go. 

ills- - 


__ Wlmlada PaHf Exeter EX5 1 


PeaWiFAUts 

Caw- Pnos. Fd._ 
SwTPb. Cap- UL__ 
Man. PeniFri ... 

PrOp.PenS.Cw.ihir 1 
Bldg. Soc. Pen. Ut — 

GttcAens.Fd.QNL J 


-. HxR 


1-021 - 


Do. town.. 


I n An 

.(1263 


Ud 

DJynutc Way, Wentley HA90MB. 
Wiry Units - 


roparty Units.. — _| 
qulty Bond'Biee. — t 
rap. Bond/Eaec b 

AL Bd JE*ec7lJn£Zb 

«poslt Bond 

qirfty Amian 

roperty Actum.... 

SngtL Attum. 

nd 

nri Proper 


nd 1 ML Money. 

. nd lnde> „ 

-MJAgd. PanJAc:_r 

M D$. Pim/AocZl 

ait Pens/Acc 

M4n Pens/Acc, 
ixHnUaoneyFeca/4 

S Index rats/ Ac 
E8I.F— 
-*E& iJ’.Z. 


18.03; -did — . 



-oa - 


CurrcM rafiie Auont K. 


mllni Life: Assurance 
--Wdsam Howe. Chapel Ash Wten. 

W 

-.„_lhiaftafa Assurance Fonda 
U New Street. EC2M4TP. 


Pens. Itanaged Initial. 

Pen*. Managed Ate... 

Pons. Equity IMUbI „ 

SSgTK&sri 

Pans. Fixed InL Acc.. 

Pens. Inf I IratW-. 1 
Pots. Inf). Ate. _ 

Pens. Prop. Inhw 
Pens. Prop. Arc. _ 

Peis. Dcpox. initial 
Pent Depca-Acc. 

Hombro Ufe Assurance Pi_C. 

7 Old Park LWu, Loncbn. W1Y3LJ. . 01-4990051 

Fixed InL Cep 1 

Ewitr — 

,{&S S&ss 


— GMtEdged. 

— Amorim, .led __ 

— Pea.F.l.DepXbp. 

rr Pen-F.UJep-Acc- 

— Pen. Prop. Cap. 

■~ r Pen. Prop. Ace.— . 

— Pot Man. Cup i_ 

Pen- Mm. Acc 

Pao.GUtErig.Qip 

Pen.CMEdg.Acc._ 
PW. Eit. _ 


09022BSU Pen. K Acc 
Pen-BS-i 
Pen.^S.1 


1=1 = 


Cap.. 


KAKCap.-.. 

Pan. DJLF.Acc._~ 





m 

1941 

2546 


Property Fund Cm 
Property Fund Act _ 

EEffiESSa: 

Fbrod InLFd. Cap. _ 

Fixed IM. Fnd. Acc. 

Gtd. Deposit FdL Cap. 

Gtd. -Deposit Fd. Acc. 

Eoifbr Fund 

hetnorionalFdAoi 

Ctpital Gwth. Fd._ 

Mcxieymaker Fluid- 
Exempt Inv.Ttt — 

Exempt Property — 

, Exempt FlexlUe 
■ActtSm 10 price 

M & G Gratip • • ■ '■ 

Throe TowwMILEX3R6Ba Dl-626458a. 
American Find Bond. 

American Ret- Bond- 

• AuMraladaBonfl 

CamrrtxMtyBrncLjj., 

Convert Deposit Bond 

Equity Bond (Acc) 

EaraYlwd RL BondJ 
Famlfy Bonds — __ 

Far Eastern Bocd 

r.M FUvri 

. High Yield Bond 

- indax-Linted Gt Bd_, 

InternailMri Bwid.. .1 
Japan Fund Bond 


- 1 -Id - 


0M3 - . ... 

erica where raHiced mad. daw appfc. . 


m = 


Fixed inured Act 

Cadi - 

Cash 

tntematiooal Cap — , 

httemoionBl Acc., ] 

American Cap. 

Amerlcfei Acc 

Far Eastern Cap.— 
Eastern Acc. 
ributk 

Sm Ufe l 

Hcnh lor indfcttal ^ 
Pens. Managed Cul. 

gajSss'fe 

Pens. Pronortv Act- 

teas- 

Pens. F. interest Cap. 

(RESST® 

Pens. Cash Acc... 

Pens. (ntnr.Cad 
Poo. Wrt, to,-.— 
Pens. American Cap.. 
Pens. American Atz. ■ 
Pons. Far Earn. Gap. 
Pens. Far Estrn. Att. 


P.a Dux 195, Khritron, Bcraufe. 

teSsarrl^ ll 

Plica at July UTtent «*. day Aug. 
CAL Investments (feM) Ud. 


P.0 Box 63, Jersey. 

UKEmU«(CI. Fd.).. 
UKQhLh.Fxd.lnLl. 
InL ItanTGrowih fa.), 
tat Dumncy Rmd 

“. Marie 

Starling 

Franc 


053476029 


sa 

Rooms Untried 

K jhaltenLiny 

g p5ferilng....^.l 

15 Swiss Francs 

is |u.s.s 

Prices on Aug 4. Kart dealing to 23 
r Prices m Aug. 13. Next MMmgJliM. 31- 
□rife ttaSOK. **Aug 13. Ben dea Hog Aug, 3L 

til&etlnj»wilT Wrtasoay. ■ 


».«2B 
59.595 
13 OK 
44.U8 
31875 


F« 5 





33425 


_W.4 


1054 




Captfenoc SLA. 

PA. Box 170 1ZU Geneva 1% DID 4122 466288 

" 

Capital Asset Mangn Ltd. 

1 gsssgflr- ^ ^ *■ p S5l'SSw 

The Curoncy Trust ^{04.00 BUM ...-4 U1 

Capital Inten t oBi m M Fund SJL 

43 Boulevard Royal, L uxe mbo ur g 

Capital InL Rod / S2245 I .. .J — 


Clwtcrtiaim Jaottet 

1 Paternoster Row, EC4 

EroarorFiiMf 


Managed Fund... 

Bax 2622, Bern SivIlmiM. 

H^. Overseas Fa. Sg.71 

Balanced ICSF Fundi KF19J1 
Far East (Cnrabow) .ttFS.75 
Teehnotogy (ITF Fdl.l 

HK Fund Managers (Jersey) Ud. 

Queww Hje, Don Rd. St H« Ur, Cl. 053471460 

HKGIIi Fund Lid. OPLO «S« +LCI 1100 coWFUrar*'vI.7--'l 

I.C. Trust Managers Lid. 

10, SL George* St, Douglas, loM 062425015 

lM.CommdttesTs.197 3 KBJ? J — 

Next dnhng day Scot Z 


Save A Prosper international 

FMIBw 73L SL Hetor. Jarsw 

Fixed iBtaraM Fwdb 

Drvt'c/V'wV Bd "t-RCT 
D(lr. Fxi 

SL Fixed*'**?- 

Yen Bond^ l£l77 

EquRy FuaiH 
LHC Growth Fund* 

InUmall. Gr.‘t. 

Far Eastern "t—. 

Ncnh American 

Seprat 


063473933 


ndti 

rthFund*— ..IW^ 1U^ +Z0I 202 

etn’t^. W\76 IjS ..j — 


7.99 


Mdtteanaacy Renrec tod* 

U^. S 1100- 


D Maria... 
CSteriing 
Yen — 


m 


iaoo 

00 

m 


IGF Management Service* Inc, 

cjo Registrar*, P.a Bex 1044, Cayman I*. BWI. 
Inteml. Cold Fuirt. —1563 78 66971 J — 

N.V. Interbeheer 

P.0. Box 5% Drift, Holland 

EsmeraldaCOnerPcci |WU*M 


DeBOSt Find 

Q60.6 lMffi-HJ 

■to 10. -Alii la ***Au9. b. 
•Mt X 1 weekly tfcafl iris). Daly dr 


160 81 +06| a 16 


dnRngi. 


£94 


01-2483999 
&23 


+0j6| - 


CHapfertame Japhet Cummcy MngL Ud. 
Clmol K*e, SL Helfe. Jersey. . 053474689 
Mxl Aaoetx Currency Famdt Ltd. 


— . Target Life Assurance Co. Ltd. 




Providence Capital Ufe Acsc. Ca. Ltd. 
load, WL2£ 


— 30 Oxbridge Hoad, I 

‘13 


!8PG. 



01-7499111 


63,91 +0-0 — 


29-7.91 




IntLPfns-ltoF^to. .|j 

Unltsrtog 

Prevrndal life Assurance Co. Ltd. 
22% IHdxipsgafe EC2. 

Managed Fd. 

CashFd— .. 

PwperfyFlnid . 


StauFunnSra™.; 

Man. Food Acc.— 

Man. Fd. Init 

Prop- Fund Inc. — 

Prop. Fd. Cap. 

Prop. Fd. Acc. 

Prop. Fd. InM.— 

Prop. FdL Irtv 

Fixed InLFd. Inc.. 
Fixed lijL Fd. Cap.— _ 
Fixed InLFd. Acc. —f 
Fixed InLFd. u 
Dep.Fd.lnc... 

Drp Fd-Acc.. 


14021 ~— -1 - 


f Fd lnc.[U72 


19111. 


9941 



- 1-0291 

InfematiiHiai Bond Trust 
2, Boulevard Royal. Luxenriourg 

CKBNAVAugmrJ atS — 

Int ernat i ona l Pacific In*. MgmL Ltd. 
P.0. Box R237, 56, PMt SL, Sydney. AinL 
Jawhn Equity TsL IASX21 3281+0011 Old 

Investment Advisors, Inc. 

First International Ptsta, Houston 
Finondc invett. 

UK 4omr Js _ . 

Slmririg Tferros I 


Schrader Mrigt Servlcn (Jersey) Ltd. 
P.O Box 195, Q. Hdter, Jertey. 0534 27561 
SterilngMcBieyFd...ln2.7M7 12.74491 ...J - 
Nrn sitnoicxion day Aupist 25. 

J. Henry Schrader Wagg & Co. Ltd. 

120. Qteomkte, EC2. 01 5884000 


Am In. Tft Aug. -8... M7 12 _ 

Asian Fd Aj^Io ..... 519 65 20.4J 

Cheapdde Aug 17.... S1L64 - , 

sWAseJte. m 


TrahUspn-Fd. Juiv31 


5189.76 


Schrader Unit Trust Mgr*. Int. Ltd. 

04B12R750 
743 

IS 


3M5. 


m«-ia - 


- 0 * - 


209.91 -id — 


Rrcovcry Bto^pULd -00631 -L5I 
rhxRte Pms&i Fto -price to. 6 
American (CmJ-L.fi2o“ t*.vr 
. Do. iAcaimJ.— — Il37. 

Deposit (Cop. F 

Dn-lAcoan.) 

Equity (Cop.) 

Da. (Accum 1 


i*»o .yrti 


SSSSSRSJSr:^ 1 


- 



international (1> — F 

t -a C -High I name — . — t 

- ■*“ > Income i Growth f 

3»uc ReMuro 
American (el.. 

Far Eastern iz>- 
CHh 


01-2833933 Hearts of Oak Benefit Society 

129, KfepMoy, LaodRV WC2B6NF 01-4040393 

SSSSSSfc=ffi& JH z:i = 


“ “HoiGerson A tfad n h fwiBan 
Z UAuah Friar*, London, EC2. 
— HWi hicaBM FcL &103 

_ aft &tac-.i F«rcJ„ 

■ • 

Naminmt&J! 


01-5883622 


CHy of Westminster Assurance , r j r rn -ia nl 

tsjssis^ssr 

J--, 

1+SaI 


Milan Keynes, I 

West Prop. Ftand— .. 
Managed Far 
Equity Find. 
Ftorand “ 




Rmd. 



Prim* KstWL Pip. _J 


mo 


— Do. (AcctuiLi 

— HewaiB. Puto a 



1261 

144.6 
I27J 

145.7 
1341 


Fixed loterext (Cap).L 

Do. (Acorn) 

Index-Unfed a (C 

DolAccam). 


PPP Fund (Cap.) 
Eto- (Accum.) 
PadflcfQmJ 


i«.a 
104! 

139M 


a zb 


RbLTiB. Flmd — 

liKeroxUorcd-— 

. High Income 1 — _ 

Fir East ...... — 

North American. 

' Special Sts- 

ssatoic-t 

' Deposit Pens. Acc. — f 
Property Pens. Acc. _r 
Fix. InL Pens. Acc.— [ 
uxiltyPen*. Arr. ■ -.J 
ftr Capted UMt gpd a 


1 Prices ring (Q-247 6533. 


Fr o dBi lid Pensions Limited 

Ha*am8ar*eeXN2tfff. 


3064 

5.6Z 

3L36 


01-4059222 


Manufacturers Ufe Insurance Co. 
SLBMrse^Wfer # stevtn«eu 043856101 


fiw » ^ 

BtaetGoWfa. 

PULA Fund 

Soc. Prop Onto.- 
Soc. First Unit Fund. 
Fart curroHy 


m 




For Pension Prices ptetr phone 0908 MUM 
Series GS Prices are fernpfldei toad xto LiMBl 
Serbs (1) These are uSprta far Hriter poEctes. 


Cfertcaf Medtta t Managed Fuads Ltd. ■ 

15, SC Junes* So, SWY ALa _ “-^05*74 [f^Wd^Zd 
T+Sfl — Um,Mh1 


MB 5anuei Ufe Assur. Ltd. 

NLA Tier, AdttsoottfeeRL, Cray. 01-M643SS. 
Secnrity Fund , .. B(W7 11A9 • 

BriUshFurcL.. 

International Find— 

Dottar Fund.. i 


locome Fund 
Property Serfet A. 
Property Udlts 
Ftnandal Fieri 

SSSStSSi. 





,_.[U06 


Co nw no rcW Unfed Group 

Sl Helen's, 3. Unaenfedt. EC3. 01-2837500 

m = 



Fired In terest- 

CanfedaraUen Ufe hnunmee Co. 

5a Ctamconr Lane. WC2A Ul E 

Equity Fund., 


Wcnejr Series A^~- 
Akmeyl/rtB™ 1 

^re^lnL Fliort -B4L4. 

Indexed Sec. FtJ.__htf7 
European Fund {9fc5 

ssaTss^Ep, 

P e arl op Ffea 
nopertyto. 

I hnpwiy .ttep. 

Managed Aoc^. 

Managed Cxl_. 

GuwaBteedAtt. 

Guaranteed Cop. 


PMdon Rate 

Manaoedlntt. 


Frias 


Index Lk. GDI InL — 
Dn. Accunv 


Equity Fd. Aug. IB. 
lnd.Fd.Aug.ie 
Fixed InL Aug. j 
Proa Fd. to is — ' 

Cash Rum to lfl_. I 

Ite l . h ri r Betteeuunt Ptaa. 

Managed FUnd KL074 11W .... J ■ — 

Cadi Fuat — WA16 LB91 _...! — 

Refuge Investments Limited 

llgOxIflWSt, M nwJ ea e r 061-Z369432 

«sa?==BB BM=J = 

flnU-amru II.J.. J| 

wwfiwCff wmwi 

Tnfliridge Wells, Kent 089222271 

Equity Fund [101.4 

Prop Fd. (1 j 1 teueJ -I . — 

Prop Fit (art! sneliUC* 

Managed Fd WJji 

Royal Life htsarance Ltd. 

New Hall Ftaea UwerpooJ L693H5 051-2274422 

Royal Shield Fd 12463 26LU +02J - 

Royal Ufe (iMt Uofced H—eeg U tt. 

ManapedFum 

Etyitr? Fond.. 


0 JC Ecpitty Fd. Cap. . 

UJt EqirttJ Fd. AxL 
U.K. E^ity Fd. ImZ. 

IrF. Equity Fd. Inc.— 

UH.EipltyFd.Cap™ 

InL Eiarity Fd. Acc.. 

Mft. rW AC. mt ■ 

ReL Ptm (ten. Pcsl„ 

Man. Pen. Fd. Acc 

Man Pen Fd. SpZ 
Gttt Pen Fd. Acc.__ 

Silt Pm Fd. (ten— 

Prop Pen. Fd. to _ 

Prop Pen. Fd. Cap.™ 

Guar. Pen Fd. Acc_ 

Guar. Pen. Fd. Cap._, 
bxtw-L. Pen. Fd. un 
fade»-L PenRLAet. 

Scerffoo Fimd._ 

U.S Dolter Fond . 

Swte Franc Rmd I 

Deotsctie-Mrirt Fluitf. 

Yen Flmd... ..* .... 

TransMerBattonai Ufe In, Co. Ltd. 

5557, HlBhMottxvp WC1V6WJ. 01-8317481 

Series 2 Man. Fd I W> 

Series 2 Equity Fd. _ 1§98 
Serl«2 Prop. Fd. U9.9 
Stria 2 FIktcJ InL Fti . . 140-4 
Series Z Money Fd._ 1220 
Series 2 (TreasFd — ® 

Tula Invest- Fd _ 2M.4 
TMlp Managed Fd. .. OTA 
Managed Inv. Fd InL 130.1 


m 


1024 


Ctawtou Cot m noril ties (M« of Man) Ltd. 

29, Athol Street Dnatas, IjlU. 0624 21724 

ilem ro xh Ma rt Titatdg^fl UfSS i 4.Q0 . 

Normartf Com. Tn IelSmJ 13519 j 4 00 

Can*. CUiemydGdSjmi lKd) i 630 

CornhM Im. (Guernsey) Ltd. 

PD. Box 157, SL Peter Port, Guernsey 
Inert. Man Fd. 12243 24431 4 — 

Carton I ntern ational 

Ida, Bouteuarri Royal. Luxeatorg. 

Cortexn letrt. 4571-61 — 1-iOJWI — 

CratgraDUrtt Fixed lot Ungn. (Jersey) 

P.O, Box 195, SL Hefta. Jenny. 053477361 

PWS Deutsche Gas. F. WeilpMiiii m 

GnDrtnapHMg 103, 6000 Frartcfart 
Ipveaa jaPfl SI 3235) -HUH — 

Delta Group 

PD. Bax 3012. Nassau, Bahama 

Delta lev. Aug 17 JS2.47 25M-HUS 254 

Uxxtoi Agents: Mrirant Benson. Tel: 01423 8000 

Doutscber Imrestnsent-Trmt 

Postladt 2685 BMmgasse 6-10 6000 Frankfurt 

Cincwxro (OMUJI j6.7J|-rfU3 — . 

inLRentertOwh^pMUM ffi/a 40.791 — 

Onotai Burnham Lambert 

77, Lomfcm Wad, tundog EC2. 01-6283200 
Winche ste r DtvenHM Ltd. NAV Jut* 30. S225L 
Winchester Ouoneas UtL NAV JUyM USMia 
IMnchcrter US Nesfeves Ltd. CterentyteM 322%. 


Texas. 

T^SSRe T fi:o2wJ^" Br Eta273 SL P«er Port.&^. _ 
fnvicta Investment Managonient ' £ ?Sd interei"."'.!" 62jJ 

|K9tea=:ffii IKS 
§!liiSSEPS8:i“l^ 5 W::disS **«*- —---&* . iU 

ScMHUr Ufc Mfiianct mt. lm. 

JareEne Ftemmg & Ca. Ltd. 

46Ui Flcor, Connaught Centre, Hong Kbng 

J. F. Jaoan TsL JV2336 — I I 070 

Do 1 Accum.) ( 


f03}| 


a« 


ffiKMBSSL 

Da (Accum.) {1 

j. F. Pat Secs, (lnc.jp 
Do. (Accum I . 

J S. InWLTsL 
Da (Accum.) 
J.F.S.EA. 



rf = 



220 

uo 

050 

L50 

Jao 

550 


Nat riHhng Airaei 2S. 


743 

7.M 

fl 58 
IM 


Scrttngeour Kemp- Gee MnfixnL. Jersey 
1, Chsartng Crmt Sl Heller, Jersey 0534 73741. 

SKC Capital Fund™ 079 4 UM.3 4 — 

SKGtacomeFund^^ ....] 9.45 


Gilt Bond. 


J.F. CurJDd-HUIncI 
ax I Accum.) — 

Japan & Pacific 

Leopold Joseph & Sons (GMrm«y) 

MraHCUSL Peter Port, Guernsey. 0481-26648. 

LJ. Stetfing Fund 10433 15341 ...,4 — 

L J A S Currency FW 

Tslnthan s Mango- tor latest prices. 


KWmvart Benson Group 

20, Fenchureh SL, EC3. 


Guernsey hie. — 
Da Accum.. 


K.R. Eurobond Fd 

K.B. Far East iGnsy.i 

- K.B. Gilt Fund 

ICB. (rX-Bd- Fd (nc. 
KB. InL Bd. Fd. Acc . 

KB. Iml. Pund. 1 

KB. Japsn Fund .„ 
KB. Start. Asset Pd. , 
KB. U.S. Gunn. Fd. 
9gne( Sermida„™ 
Transatlantic Fd_. 


|87.7 

^5 


9671 .... 
3380 


01-6238000 


3457, _ 

56.09 
39.73 


-oifl 


Mwa^dlnx-Fd Acc. .[148.4 


.FdL Cap.. „ 

Man.Pen.FdAec_- 


m 

Trident Life Assurance Co. Ltd 
London RQKLGkMcreter. 0482 36541 

■IM* 27LU —.4 


Dreyfus In t er co n t inentai bnr. Fd. 

-PD. Box N3712, Waeei . Bumoo. 

NAV Aug. 17 , 04.73 26131-0331 

Duncan Utwrte Inv. Mot. Ltd. 
victory Hre, 9t Peter Pari, GUemrey . 

DL Sterling. — 

DL IntenxKkxuJ . 




& 


640 


. 048128034 


ml - 


3 = 


Emm A Dudtey TsL MpL Jrsy. Ltd. 
PD.Box73lSLHriter.Jmey. 053473933 
E.D.I.C.T. 1962 10721 4 — 

The EhgHch Asudattm 

4 Fora Street, EC2. 

£ A. Income «"_M7_ 

_ A Sterling - , Ji 

MdSSKi'Fd,"! . 

— Neri daenng Aug 3L 



1252 

12SD 


” Sara & Prosper Group 


wnw" 


01-5548899 


Tyndall Acs 

lft Canynge Road, Bristol. 


0272732241 


Merdnut fmestora Assurance . 

Leon Home, 239 Htgh S^, Croydon 0W469171 


— Prope^- 




FTWU lOL Acc. 


705* 

Psml. Pen. »tod. (l*5.-5 M?; 


Staflguetl Man. Peo-i 

Group MngtL Pao.™ 

Fteri W.Pen..— u.. 
Eqirt y Pepstew-, , 

CS3S5S*”- 


14?0 


Fixed fix. Cap, 
indexed Seek. 
Indexed Sera. 



.... 

- • OEZZz 



= 


ioza ...4 - 


Cash Pension. 


I Pen.. 


J H2-6 


Co ntinenta l Life Iroumnee PLC - 

M/70 WfltiSL, Croydon CR09XN 016805225 

tessfljsu&gas aa:=i = 


Imperial Ufe A**. Co. of 
fnpertgl How, GuUdtexL 

gBSftSSfeffi i 

Pen Man Fd Series 20.021.4 Z 

142.7 

tsdj&jL r 

Property Fund; E 


2596. 


3243 






Deposit FtU. 

Mk PeraTFa*.™ ~ 

Eoiltyprr&Fd. — 

'FWfeftLFd.* 

QttPenv Fd. 


' ■ -Prices on Aug 1L TWeeUy dealings. 
S clu pd e r Ufa Assuranca Ltd. 

Enterprise House, Partsmouth. 


SL5 

1963 


-0.7 

2572 



ffi?- 5 

m.9 

JS? 

+0.‘l 

3486 

3681 



■m 

+LA 

m 

Mfi-0 ... 

% 

+6.9 


— Bond. 

— Property. 


DcMlt. 
Man.Pen.3-W. 

Qona WV— 


.13518 


Jl05.? 


0705827733 

im 


-. Pen . 

U-K.r 


-. r Mngdt 
Incanta DfeJnb... 
Income taunt . 
Capiirt.. 


W 1 *- 


02D 


■nent Ltd. 

Grenrilte Hst, St Heller, Jersey, tl. 053476007. 

^ \-\ z 

Eurobond HaUhtga N.V. 

Ptettrnuri 15, WUcotsteA Curacao. 

950 


Korea International Trust 
Fund Man.: Knrea Invest. Trust Co Ltd. 
c.’o Vidian tte Cosu Ltd WTO WHItem StreeL 
LanCkHV EC4- 01-6Z32444 

NAV Won 6646.76. IDR wh» USS8939D3. 
The Korea Trust 

Ooehan Inveatmnrt Trust Co. Ltd. 

1-516 VoWo-dong, Yongaagpo-Ku, Seoul, Korea 
NAV Aug 14 (won 11,108) OJSS14.TO 

Lmrd Brothers & Co. (Jersay) Ltd. 

P.O. Box 106 SL Hotter, Jersey, C.1. 0534 37361 

Lax. Bras. InL Cap. — 

Lax. Bros, lot Inc..— 

Im. Bros. ire. Acc 
Laz. Bros. InL Asset- 
Laz. Bros. InL Ashl. 

Laz. Bros. loLAsseL., 

Laz. Bros. Far East .. 

Capital Gwtti find S 

Lloyds Dank (C-t.) U/T Mips. 

P.a Sox 195, SL Hriller, Jersey- 0534Z7561 
UaydsTsLO'sras — 1742 . 7M —.1 3J0 




Sentry Assurance Inte rna tional Ltd. 

P.O. Box 1776, Hurtiton 5. Bermuda. 

Managed Find .«4.«K9 C.eOW \ — 

Signal Ufe Assurance Co. Ltd 
Ocean Height* Qjetmny. Glhrafu r. TrkxZ33Z 
Growth Strategies FiL.K3.7 3071 -HLOfl — 

Sinser & Frietflander Ufe. Agents. 

20, Cannon SL, EC4. 01-2489646 

«■ 

Strategic Metal Trust Mngrs. Ltd. 

3 HIU Street DDuotevlOM 06W23914 

StratertcMeWTr._)S® 0 9568 .. ..4 - 

Stronghold Management Limited 
PD. Bra 315. SL Belter. Jersey 0534-71460 
ConrexSty TrusL— HZ9.4 IMJJ-Lfl .^./J — 

Srahwast (Jersey) Ltd. 

4. HW St, Dcxrgtet Hieaf Man 063423914 

Capper Trosi 10227 12911*0361 - 

TSB Trust Finds (C.l.) 

10 Wharf SL, S*. HeOcr, Jeney (Cl t. 

TSB GIU Funft Lid — I9EK WL! 

TSBGiRFd-i Jsy.lLtd. JQBO 101.' 

TSB Jersey Fund..—.’ " * 

TSB Guernsey Fund 
Prices on Augat 


053473494 
1248 
1248 
52J 

.4 564nt ...J 514 

Next a6 day toot Sl 




= 


— General 


inked Fund „DD2a 
Life Ass War 
42-43 MadttwSL, Lit l W2R9LA 



277458. 


5.6. Eurogc ObBgatlons 5.A. 

9, Amtout de l a Ub rrte. LuaenXanira 
London Agent FF6 Selrixav Hie. L ondon W ax 
EC2M 5 TaT TeL 01-920 0776 Tefac 887281 
EuropeDODgatlixti —| 54239 \-Q2H 139 

EurotaK htMstments Ud. 

L Athol SL. Douglas, Id* of Man. 
UKAgcncsFiS. SL Afcans. 072733166 

Eurotax Im. Flmd ^[1(»6 1145) J — 

Executive Ufe (C.l J 1 . Managsrs Ltd.) 

- P.6 Box 1063 Grand Orman B-W.t. 

Trans AUnttt Cwth. Fd.| 51052 I ....J — 


date Aug 

Uoyds Bank In terna ti o nal. Geneva 

PD. Bax 436 1211 Genre* 12 'SwtenrriandJ 

KISSSSzS! 59 =d H 

Uojrds Barrie International, Guernsey 
P.D Box 136. Guernsey. 0481 26761 

Alexander Fund J S19J9 I 4 - 

Ned asset value Aug. 16. 

Louis Dreyfus Commodity Fund 

dn Trustee. PD. Box 1092 Cxymao Islands. 
Aug. 13. Valuation $5,433-33 

M & G Group 

Three Quays, Tower HID EC3fl b&Q 01-6264588 
AtlanUc Ex. to J7.JS4.79 
AuFIten Ex. Aug 16. 

Gold Ex Aug 1EL 

(Accum. Units).. 

island 


Tokyo Pacific Hoftfinqs HM. 

Iittlnxs Managemenl Co. N.V, Crarua 
NAV per stare August 16. S67.25. 

Tokyo Pacific Hldgs. {Seaboard) N.V. 
Indites Manag emen t Ca N.V, Cmua 
NAV per Share to 16 S99D7. 

Tyndall Group 
2 New SL. St HeBer. Jeney. 

TOFSLAugW (£30.95 

(Accum. shras).. — 

American Aug 19 — 

(Accum shares) 

Far Eastern Aug 19- 

lAcrom sham'-—. 

Jersey Fd-Aiml8_— 
t Non-J. Ate. falj 

Gift Fd. tola 

lAccon. Shares) 

metary Hw. Dantes, Me Of Man. 0624 
High fix. GIU Aug 18JU24 11*.6| 

(Accum. Shares) [1582 

International Equity. .B3TJ 

Pecttc Equity BM 

North Arner‘EauiV.-l54_2 



UK 


Da s_. — a?35 

*«ee==sK 

IntemaxL Fixed InL.. ZED 

Do. 5 488* 

Siertiwi Fixed Hit E168 


Dollar Deposit. 
Da3_. 



S(MhyPepqflt. — Q29.B 


SSSFac^iz 

— American.. — _ — 

— H^FSlnCnrj 


5712SS 



Multiple Health and Life Asnr. Co. Ltd. 


Milton Keynes. 


Australian. 

Sta&oorv & Malay .. 
Equity Rersl 0.1 — — 
Fxd Ire Penskuv„ — | 
Property Peraon . 

Ottecan JteiRWn S 

Money Pmtocn . 

MatewedPendon V 

AroerksCT Pension — 


1052 

919. 

119.4 



— Vanbruph Pandora Limited 

“ 91 ^ Maddoot Sl, Ldo. W1R9LA 

— . lBO, 

— Property^. — — l_J168-9 177; 

— Index LuXtctJ G1K— -1100.9 


03-49949823 


024994923 


FAC MffiHt Ltd, Inv. Advisers 
oePountney 




— GuEranteed- 


10.12 


CornWV trauradee Co. Ltd.' 
32. Corah! B, E.CA 


(□4265410 



I S. 5pes. Fd I 

Crarfit I Co amra re e ImuHttti Cft. fWQ 
OC( Hx H H*»nn Lane. BC3A 500.013032411. 

CCI DqptoFed.; "*" ’ ^ 






llnLFod.- 

IlKLFd 

High Income FtL., 

Property Fi, — I 

CroHdrtt Mft Aauranc* Co. Ltd. 

14 New Bridge Street, EC4V6AD 01-3S38931 



SSTreraj,. — 

JSKSKSite 

W09 & Sham 

52, ComrtB, BC3. 

BondFcL Exoiex.~ 


HEL 

MRm Court, Dortch^. Surrey. 
NeiaxEq. 

Mriraufe+FJ. 

NrtexGlh+F.L 
Netex GthlncCap 

{££»&*■■ 

•Mra DtflWft Acc. 

Nrtex IrKFsLtnL t . 

Nriex I it. Fxd it. Acu 
NrtlndcndA.5ea.Cw 
Net IndexLfcSecs. Ao: 

Next 06. fey Aiffrt. 25. 


“.. . NPI Pensronf MMSgcmwit Ltd- 



MUWOM4' 

■. • — Lite Series 4 Aug' 2D and 

■ Scottish Anricabte few a t m snts 
; P.a Bet 26 Ctofarttv Stirling. 



Flxeo Interest - 
Intnmaiionai — 
Prmrtf—LJ—. 
CASH.. 


m “ 


l ™*?y. Linked Gilt. 

MSJKSrf-..- 

Exe mpt ca ImL. 

Do. Aujull ....... 

Exempt Fxd. Im. ht*t.r 
Da Accum 
Eseetpl inu v. InL. 


“J 48GracedaactiSL, EC3P3HH. 01-623 4200 Q °- Ac ffg?..ri- rji""l 


..[106-4 






r PLC 

01-6235433 

.K9X01 945M-4L7SI — 
Lansham Ufe Aawr. Co. Ltd. 

SrtSwihfc, HtUtrtraok n*, NWK.OlrOTSm 

Mancsz to fiart— f 
Lanshera A pfaa — [ 




12975 309.41 .[ - 

dealing Septedw 1. . 


H ato mai Provident htptitution 

48^ Gracedxntai St, EC3P3HH. (8-6234200. 


Exempt- Prop, lull — P 

Da Accum 

ErmcJi Cash hit .. 

Do. Accum r— ■■■— — 
ErenzAMw-IrtL— ( 
Da ham — .... 


nig 

«S rtWI 

®.\M 

188.7 *l3 
1392 +lJ 
133.6 +£3 
86.C -03 

ffl.9 ms 

99A 
VJZl 
ID3J , 


Windsor {Jfe'Actar. Co. LtiL 
Royal Albert Hte.. Sheri SL, Windsor 68144 

IrwcstorUrtb — 117J 

Acxun. Pen. Unlts_.fl76.0 

Flex. Ira. GrowOl 124.9 

Future Aasd Growth -I30.«al 
Rei- Ass'd Pea. . 

OFFSHORE AND 
OVERSEAS 

Adp IrwBdtment 

Prariadi 708, 8000 MinUdi 1. Telex 524269 

Artrenta. =r-KSP® ---J 

Otslrtbutlon Aug 732_|pWl.7^ — ^ 


J. Laurence Pountney HU, EG4. 
F&C Atlantic Fd. SA 
FBC Qrtente) Fi 
At* 

Fidelity International. 

American AsMtstzt _| 
Am.Vah.nmW.ST 
Amritan vah. Com: 

Australia ix) ........ 

Darite SarinosTsL (z)_ 

Far East UK 


01-6234680 


U, Bjoa, WSTnuna. crj-r-c-n-~vw 

WBl S8^' Irrjuoo 

August 13. Next feting August 30. 


276 


St SL Writer 


281 


.49.71 



Intemrikxul u) I 

Orient Fhnd(z) 

Pacfflc (z).— 

INbridCz) , 

American Ine. Tst tz) ttt.8 . .. 

GUI Fund—. C4D 2SDti 

JtPrkes at Jriy 31. 


Ftandnp Japan Fund SJL 

37, roe- Notre-Deme, Lmentigum 

Ftentiog Aug 17 1 39 JW [ J — 

Frankfurt Tiuct Invrat nie nt On diH 
SWcMnaul, D6000 Frankfurt 

Frate^’^riSTFdUC 


-K2848 
,E5|i7 

t Aecwn Uifiixi — H_’|283J, 

Management International Ltd. 

Bk. of BernxKb Bidp, Bermuda. 009-295-4000 
Bds.lntLBd.Fd. 

Bda. Hid. Btt. Ft) 

• Prices on Augm 

Manufacturers Hanover Asset Mgt 
PO Sot 92. St Peter Port, Guernsey. 0481 23961 

Mlft&ftMaN'dBfi 

Mldfend Bank TsL Corp- Itenry) Ltd. 
28-34, HIH a, Sl Kefler, Jersey. 0534 36281 

Mid. Drayton Glh M30 

MkL Draftoi Irx. Bond.KL07 
Nfinerals, Oth Res. Stirs. Fd. Int. 

PO Bra 194, SL Heller, Jersey. 0534 27441 

MORES to 19 |928 9.40 .... | 3.27 

Samuel Montagu Ldn. Agents 

114, Old Bread SL, EC2. 01-5886464 

totefel tolTi; HfMl_72 


Cont in uity . 

A 8 - 


L450 


. 2245 
2938 
- 5-075 
.. B O 

POlSl— pw 

UK gr:S 

Int email. Managed- - 2232 

UKM^r“3*L§ 
DO. 5 IS«55 


M. CL Tyroefl * Co. (Jenny'} Ltd. 

P.O. Bm 426, Sl Hdter. Jeney, tl. 

Ortec I - S10.WJI i - 





*858:^1 J 42 


137 C rt*«> tof 30l 
117Sdg.Rr.toL 
117 Jersey Fd Aug 28. 


tn^qg 4 

7|QZ34 

£6.96 




Esefc 




v'P * • 


fire iiuHlI 

gw(wiyg:wt- 

Fixed Ira. Fd. Inon. 

I FcL Acc. - 
yFKtniL«. — 
... /FtLtaOBL..— 
lflKtfl.Fd.to 
hnr.TsL FtLtfltt.^. 
tfiu-Tst. RL tent*. 
Moray Fd to 

tea 

hXtt'LFd 

Hirti Income acc.' _~ 

HMblflOMte — 

JteJmsFajTj 

L Man. FdZ_| 



■HMi 


7 JO 
1105 


255 


Legal & Central (IWt AtoOIAL 

BMs ^ 1 £3rEa.lis 

Cash Irtttrt *.-~r-r-~\ “ 

BtovJrtSiCIIIIZl 

MS Be... 

Sa.®— :! 

Da Aajxn. . ■ ; 

Ma«*9*d inWal ■ 

Do. Acaen. 

prooerty rrtdrt j 

Do-Acahtt-^, ] 

ExflTgtCaftliiR. 

Do. Agaxn. ... ... 

ExertstEnh-htt — , 

SenvtFIstrtlrtL 
Da Acs 
ExetW 



Scottish Mutual Assurance Society 
109 Sl Vincent SU Gbsgav 
Flex End Ain. 17 _-jr * 
p«( Mngd Ady 3J-|i 

Scottish Widows' Graup 

PD Bra 90S, Edrtxuyh EH16SBU 031-6556000 


Mtol-H! 50J7+O2 - 

a.-* r 
«C215® £45^ - 

Otstrt button Aog ‘82.JDM0.W — — — 

Albany Fond h h idigew en f Limited 

P.O. Bra 73, A HetJer.Jerarr- OS473OT 


::::j = 


BUD 



PndaaFMKra* 

Man. Inrilalr. 

LKEiTrttST 



lr*Polltoi3 
ln*Poi2to]J — ; 
l«iCahAu«jl3... — 
MrratiFlnrf ■ 

Equity Finj 


- ‘ teSBflsc 


Fixed Int. Fund. 

lito Sift. Fd. 

Cadi FtL 


,103.9 

tt4.4 

fcJs 

M 


1720 

169.9 ...J — 
1455 ..J - 
1147 -OS — 
119) ■ 

109.5 . 

83.4 +05j — 
L4 -iQ — 


-.4 — . Pacific, 


Hew Zealand Stih Brit (race PLC 
Maitland House, Southend SSI 2JS -070262955 

»ast!!5=s» 

A iUHtew i — . fl 1 


frarai ft General Prop. Fcfc Mps. Ud, 

.S^VtoteX n K4N<TP M 0W48967B 



SS.’|J.jSi'g:Dri.JU|:7 12L4 -0.9j - 
Prets, EtartY rd did 1175 10J — L5j 

KIk Prop Vd. Otd.- lfifc-5 1 122 ..71 

pSk teTFd. toj--. 90 7 85J 40Jg 

PBns.F*d InLFdfttt U14 14C.« ■ 

PeiLlttd5».FdOi>l.. 99 4 1M.7 

Pens. Cash Fd. W... U9S U65 - - a 

Pens Man to 36 — *765 476 1 +3.3 

JJb£EWAusl6 Oai 47B-, -4-3-6} 

Spfefdtol6 Ufff 11D-9 

fcCS FdflSig. lfc_ U8.4 118.4 4<L3 

“ uS’to AS. 18. 2M 7 395+71 

Ex Uu-l InL Aug 4 B13.7 2220 . 

SkamSa Ufe Assurant* Co. Ltd. 

16J-166 Flee: SL. Lonrfcn EC4 2DY 01-3536511 
M-wsged*^ — — L|SjS _1324( +OM — 

E-ax tetos- ——.r~ 130.7 137.6 +lJ3j — 

GIB Hus to — 1254 132-0 ^5-a “ 

imenvitionat Aix — llfl.7 1245 +0.0 — 

Pens. Ciurttoto.. 1422 ffij? tf-te — 

Peitt. EOrtty Arc..— 145.9 153.H — 

_ “ i gf tXfer Units and Guorw^fd 



For Prices gf other Units and Guyertew) 
Basis Rates pteese Phene 01-353 8511 


ABen Harvey ft Boss im. Myt (GJ.) 

3 Bering Cm, SL Heller, J?., C.1. 0534-73741 
AHA Dollar Int FtL- BUBl 103*rf ... J 12J6 
AHRGIftEdg. Fd.„.p2,96 llSd-HWI 1U1 

Affiance Int e rnational Doflar Rasarvas 

K TSU« n 

DMrifxtion Aug 18 ia002247l (10.7VJ4 pri 
Arbuttmat Securities (C.L] Ud. (uXcXh) 
P.O. Bra 428, SL Hdler, Jri-sey. 053a 76077 

Oofiar Income Tst. 002 IDri 

afe^=Bf a?' 

^lnK“»7 ta - i S!re ....J 035 

Dafing at WMfctefltey. 

B.IJL Bond I n ves tm ents AG 
la ftwenirasK CH6S0L Ztift Swfteeriantf- 

beofer SftL Aug 19...D0.4&Q 11,0001 J - 

Bank of America inferwdmal SJL 
35 Bad reartf ROyri, Lunnrtxxeg G.B. 

Vwrtnuest I nenme 

Prices at Aug 

Barclays IMcdto International 

L ettering Grots, SLHeScr.Joreey, 053475741 

glUTrwt m2 «6d+2a liOO 

rry-Bida^ 
l£S&»- ,, 

. AuO. Mhi.._.Z_j4L2 . ,44^ I' 

Do. Grtr. PoJtk „..BEs«S 11M — 

Do. Ipd. Income. — @.6 3351 ..... 9.73 

Do, Wert Man Tu MSA 49Jw +26 9 JO 

Do. Mam Mutual „,._)42Q 4&2q ,._.J 2.S0 


Free World FUnd Ltd. 

Butterfield Bkfe, HemUton, BenrudL 
NAV July 31 1 5150.06 l .. 

G. T. Management (ilk.) Ud. 

Tel* Olfea’ SUT^Ts^^WOO. 
Lombn Agents tor; 

Anchor Gift Edge 

Anchor InL — 

Berry Pee Fd. 

' 

tffiSaSE: 

6.T. Bond Fund. _ 

G.T. Dollar Fd 

G.T. arTStrig.) Fd. 

£t. Global Tech FM 
G.T. hnesLRd^.. 

v Stifled 
T. Aiean Grontti Fd.. 


.1 - 


iTiMa Ftfte 



Murray, Johnstone flmr. Adviser) 

1«, HopeSL,Gtasgow.C2. 041-2215521 

S&^ Mhd H 

Pacific Reid Ji4y3W sast 

Nat- Westminster Jersey FcL MSrs. Ltd. 
23/25 Broad SL. Sl Hrtler, Jeney. 

High Income Fund (53.4 

BS&iEdK s. 

•s* fey eroy Thar. 

Nog it SJL 

10a Boulevard Royal Luxenbourg 

VAVAugQ S9.23 - 1 1 - 

N.E.L. International Ltd. 

P.a Box 119, SL Ptihf Port. Guernsey, GJ. 
Slerilng Deposit 162 9 

oggssam 



Lac. 


_„Dl-6386m 

65. 70) Ifl - 


Unhm-IntrestnHit-GeteltsclBrft mhH 
Pastfadr 16767, D 6000 FrwbTurt 16 

Uni tends (MOMT L58ffl-0-Tl( _ 

Unto WWW — 

Urtrenta IDU3&06 3920I+O1Q — 

V.C.A. FlnancW M ana ge m ent Ltd. 

42 Essex streri, London, WG2. 01-3536845 

PanAmrr- 0's Fd-..^.JS4-48 — I 1 — 

Vanbrugh Fund Mngmt. Inti. Ltd. 

28-34 HHi St. St Heller, Jersey. 0534 36281 

Vartob Currency RJJU3J 133J1 1 7.93 

S. G. Warburg ft Co. UtL 

30. GreUam Street, EC2 01-6004555 

alrobS^swIm^UsJ'?^ 580 
il631 liJS ... I — 

"J25 lOig I — 

Warburg invest Mngt Jrsy. Ltd. 

7 Library Place, Sl. Heller. Jsy Cl 055437717 
Mere Comm Aug 17. JU3J2 136 

Mert.FrTjLAll9ia.pL* 

Metals TsL to- IS ff.llT.79 lLl 

SMT Ud toI9,-— CM2 
Were Tlan Aug 30.— (13.09 

WartSey Investment Sendees Ud, 

4th poor, HwcMwn Hau». Horn Kor« 

S-Sl -;J 




- Wmfcy Mtto As. Fd,|! 
WmBey BenlTmt^ 


Northgate Unit Tit Integra. (Jersey) Vtodey Japan Tnnt 

ostx^i 737 ^ World Wide Growth htetagoncnW 
PbdfleFdAuffll — P& 74 9291 +03/ — RpyaL Unenteourg 

WarHwlfe CW ,W . 1+013 


!8 

429 

128 


; WMHW" 


U6 

169 


Garbnora Await Lid. Ldn. Aftt. 

Z Sl Mary Axe, Londan, EC3, CO- 283 3531 

KB& 5 F*Z& 9 i 

asesEFatK. 

HK«,Pra.U.T*LZIisBfl2 “_J 260 

Jara* w — w ioajm 22lM ..... 0S0 

K American Tfl £j£«S 260 

Inti. BwdFutri p0J» 980 

Crehrare Fund Huatn (MHH) W 
PJL Bra SSDougfah IjteoT Man T*t 062423911 
Ganmore tntt. Jne_[19.2 aflri yo 

Gartwwe intt. Grth-fliCz VS2X J OW 

AS4ioirati«d GENERALI 5 LblA. 

PD Bra 132, SL Peter pen, Guernsey, CL 
Stertiiw Managed FdEUT.75 ia.99| .....J — 
DeiUrUngd. Fnd — ®08.73 lK«l ,...J — 


pacific Basin Fund 

10a Bouteuard Royal. Uxemtaarg. 

ut&: 


I nr. AOCi M. & G. Itn. 


London. 


Wm Commodity Mmanement Ltd 


Phoenix International 

PO Bttr 77, SL Peur POH, Guem. 



10, tt. Georo* * 5L, Dauetts teal 

•reran SKTifcIS?. 


Far East Fund 
IM. Currency Fwrt 
Dollar Fa*. InL Fund. 

Sier-ExenaxGttFa. 

Protridence Captfe International Ltd 
PO Bra 123, Sl Peler Port, Guernsey 0481 2bT2h!9 
UK Stocknaricei 1 W.9P* 0.9W 

Ind.StethntarkM — W.772 OEQl 
WbridTreijnrtOW-.W^fi 0. 

N. Am. StadanamL.w.799 tl 

Far£#tt — ®.75J 

UK Fixed IntereK— 1U.Q29 
Inti. Fired fnC 

ISSSSSUrrlS 

U.K Money MMri .@.951 
Sl«. Mhiwl fit 

^"TWidBULiaMii- 

Press on to 12 Nert dealing Aug IB. 


Prceteus Mrirt Fund 137 5 
Vanguard Gmdy- Fd.. w i 

rtSSriFrttoFU- - l'«4 
Wren ted- Fnd* — (ML778 


1S| 

^D2l 


06742S015 


Ti 

3D5 i 
(L81w 


660 

9..4I 

R30 

22b 



NOTES 

Prim are In gcrae unless etbendra Meant) atrl 
those dePruiKl $ vrith no prefix refer to U-S, 
dal ten. Yletds3i ithown In text cohureu eUaw far til 
atprip expanse*, a Ottered preen todmh an 
exotmex b Tofe/i ixlces. t Yit)t> based ra oNar 
ivxe, d EsU mated, g Todays open mu price, 
h DbtiUaAteo bw 0) UK unes. p Periodic 
premium Insurance plans, -a single premium 
insurance. * Ottered price Includes ad expenses 
«ttt* aoem"! tummhsiorL y Ottered price kdudri 
all expense* if bough) tough iranomJX Pm*** 
dart price. 9 Guernsey grots- * SuuwteM. 
4 YleW before J e rsey tax. T Lx-su(xthAflan. 
tt Only available to charitable bodies. 




A V 
> (36 nt 
» Suite 
: stren 
econr 
: latcsi 
. • Til 
1 It wc 
= Stren. 

while 
l kure. 
r 1 Ah 
i ?47p 
, will I 
1 Fitua 

i it wi 
helie - 
- ence. 
: A 

, 16 pe 

• they 
had 

; ' Tb 
£ as i 
> 

• i ■ 


ACTI 
latter 
mont' 
jien« 
ireces; 
prote 
perfo 
outsit 
. Thi 

a clue 
grour 
jeeesi 
jnduc 
■ faliin 
“■erami 

ffipatic 
: J, ;shai 
price 
more 
'direct 
ii?g V 
. Las 
whoU 
ftrei£ 
Bfit l 
vear : 
10S2 
ably 
Minis 
Is wo 
doubt 
adopt 
St Ai 
P?ann 
Leans' 
r-Tht 
crisis 
sthrte- 
fereii 
ojrer 
(a) c 
tion 
curre 
espor 
•he re 
away 
Into i 
ctiltu 
and f 

?Uet ' 
Brazi 
: Tlir 


. S ... • . 

. • 'fi. i' V ' 


Espley-Tyas 

I® FOB PROPERTY & 


We cover the country 

London • Leeds - Birmmc^iam 

021-4549881 


|fefe''FT' SHARE ' INFORMATION SERVICE 




Hnancial Times Saturday Angust.2I 1382 

FOOD, G RQCER1 ES--Cof!t ^ 

JtJ*Uw! Stock iftta MS Ulfil* 


"*•: • LOANS— -Continued 


1982 

Hit* Ur* 


Stick | C 

Financial 


- ML I M 


BANKS & H.P. — Cont. 
, I Stock Ip™ M S |c*I 


CHEMICALS, PLASTICS— Cont 


19S2 I 

m Low I Stock I 
*2771180 |8k.bMw(um£l ) 1W 


I- or] Dir. 


CV Sri WE U’* 


fra l - I Hrt | C’rr j Sri | P/E Hlfh Lm 


ELECTRICALS— Continued. 

"k-l « I M £ MSI* II I 


•- S.” Vj M r. S 3IWK- 8 1:3 3? §85311 £ \& CEStaa - ■::& IHiWi 

:J Is. H i.4 13 il ! n SffiS.* * i* ! 17 j » I" ™ ■■■ - I- r l- 


, u _ , , _ 57 JO Crofla lm. D^d 47 • “ ” “ “ 

jg _ 43 — 25 12 Diicr-Siraneffl. M - — 

93 15 4.? (8 91 159 118 BksttwA 2 30 5 3 IS 

U - oi - 83 48 Hafewtafi)** 72 -» ft-H 

— _ — — 2b j ZOO Hksn. Welch 5ft* 243 -» .7 . 19 4 4 1B.B 

«« .To Mi 54? HumIhDM*.. 247 *2 U i3-J 73 


BRITISH FUNDS 


1962 

. m Lew 


Price + cr TkH 
£ - U| M 


; ‘Shorls” (Lives up to Five Years) 


9?tt 95% 

100 943, 
971* 91 
10ft 95% 
100% 92% 
1W4 

101 91% 
98% 87% 

91% 


85% 350 7.42 2 

104% +\ 1146 10 M iou 

96 .... 8.85 9.75 44' 



ENGINEERING 
MACHINE TOOLS 

[AJIMProcK 


„„„„ . JHU’c ni iro. iBJ iw rwrmros ap I • - -- 

W&d - ~ 102 99% Oa.lWtfcl7.1.83. 3flK4>aff -»a lf-W 1L32 w ^ H ill Samuel J&l ■* 

8 76 8.90 102U 100 Do. ISStfC #.2».. 1HU 117 83 Ho^ShmS2.50 91 *1 lW& 

97J< +% 3.08 8.73 ]Q1^ 99s, Do. 14%pc 14 J.83 . 101^1 .. 13« 10.85 7S jg j^iToYitee. 72 

101MI +% J179 8.90 101? 99? Do. 14Jtfe4.4.B3_ 101% +% M.OO 11^ ^ ^ S,(Uo)£!.. 190 


80 - 71 - 

104& - 53 - 
50 - 4« - 

. 10.45 - 7 9- 


H JB \™ raurxOgS: fi Pa a s \n ESS?£li& kliTF H- |y ’ - 


193 iro SMiigiaJ.il 185 . ^ 

150 -06 Sw«rt W«M- 147 — IS u 

15 W TWBMr.lfc 11 

in rs BijhwWw 125 , • c.-? ^ :■ 

‘1? w Cnetns . .. 44-1 0 s - 1.1 


trtl 9^ 5.W 19 U.8 s 10 
09 I 14(11.; |7fl 70 54 

6 25 2Jm.1 73 HO *6 


im ^ 13.00 low ioijL y»TS;i3%t25.'5®::: » w* 20t KtouwwTBr.; 242 +2 10.0 - 58 - 

100% +U 993 9J2 }Q2 lftL Do. 13’,3pc 3.6 83 1017, -% 13.68 1145 up 372 Lfoyds£i 408 ■*■ 10 +21 3S 54 7 5 2.9 

JL -.•■ JSJ IVl 107 W0? Do. 14oc 4.7.83 102 .... 13.7Z 1152 ^ 41 1 ^x 1 nn. 2fti . 45 + 2 157 18 8 210.D 

112% 1152 Icb 101% 100% Do. 13%pc 25.7.83. _ IOU, ... .12 93 1140 ^ ib 7 i, Mccurr Sea... 214 *2 7.7 — 51 - 

1M% +% 13.10 W uo 2)6 Midland £1 308-0+2 24.0 3111.1 32 


70 54 

119 86 

7 5% 
110 87 


106%+% 13.2® 9.58 - 

K 3.26 7.78 

lMLnl 19 47 9.74 

, SS ASS’S FOREIGN BO 

88 3.41 7.94 _ 1982 

10413 *H 1104 9.77 HW lw I »«* f 

109 „ +5, 1165 1017 u I id JChinKr 4iifK 1B98I 

104%d + C 1122 20ffl 13 8 Oo. 5pcl912„.| 


FOREIGN BONDS & RAILS 


Pikt + ir Oh. 9fc W- 
£ - 6n» TieM 


6 Do. 5pc 1913 — 
6 Do. 5pc 75 Bcurr] 
42 Gneelt 7uc An ] 


3/ *» ^ 
2 sir ^ 
2 > 52? 


360 296 Midland £1 308. 

£73 £64 Da.7U9i83-93 £70 
£881, £69 Do.loS^i 93^6. £88 
*81 65 Minster Assets.. 77 

170 127 NaLBk AoaiJAl. 127 
480 388 Nai.Wesi£l... 4(B 
£56% £44 Ottoman Bank £20 £48 
197 90 Rami Bfc. of Scot. 94 

475 «0 Scnroden £1._. 475 
250 179% Seccombe MC £1 240 
£21% £15 Sec. Padttc Com- C16 


DRAPERY AND STORES 

17 Ui:-- 13c . J 37 I . 1643 7 1 11114] 


z 77 V *tel*H9«». 37 J437 UM3Rm 35 :, U 

SuIwmI£«~ Vito 20 Lllpban- 10n ... 22% *1 j “ 178 155 

: sfl >1 Is B I: $ .1 , IS a i % I 


£16 -‘to 42.0 I 2J| 38111.4 


108 +2 1134 9.69 J 2 40 Do. 6 cc 28 5jt>. Ah. 41 .... 3 759 

111 +1 12.61 10 64 38 35 Do Mired An. 38 ... 2 527 

209 +1 12.16 10.69 35 27 Hunq^24AK .._ 27ri 2!. flO.19 

« WJ7 W3b He 87% 9 )«(Mk 0*14-2011. IOWibI - 1 % 15 W 20 

90% .... 7 JO 909 67 58 Icriurt Wjc W -88 6 7 6 % 14.20 

83 361 70S 98 80 Do 14i*eLii. 20K . 97rt -1 IV, 15.10 

W% 87% Ireland ^jpe ■81-83. 96 .... 7% 12J« 

Years 76 % 62% Do.4%pc91-96.> 76%»d +‘4 9% 134® 

250 231 Japan 4pc 10 Ass 240 - — 

77 67 Do. 6pc -83-88 > 77* +2 _ * H S 


Iwimrua 20p._.| 157to|.. . -| 3.55 | — | 3.3 — 


40 M Cantors "A 20p 32 ■ - ? SJ T- ,T . 31% 10 

30 17i- Cartel (S.)lOp 20 1.'5 1J12 5|8.9) l« 48 

M2 172 Church - 187 -3 8 5 L9 6.5(9JJ 78 64% 

H ire Purchase, etc. 39 27 c«m>. e™j. irijp 34 -3 3 is oj 13.2 - ^ 36 

UM| SJ 1 « &&*- ™ ! " SS"1 £ 

I i r™ 1 .1 f h p I f, to ^ ;r HI X l % 

at* &■ ssii&i?.. i -i ■“ a •a a a ^ 

BEERS, WINES AND SPIRITS >5 3 ’ « / S uiUM « » 

. . -m aunm. 28 IS Font (HThn) 10c Z2 ... W 65 08 4.2 (C« 298-210 


250 231 Japan 4pc to ass «u . . — — u : KP p,. r rhase etc 

77 67 Do 6pc "83^8 _ 77m +2 6 11.05 “ ire rurendse, clu. 

161 161 Peru Asa. 2D07... 161 .... 5 22 17S M [ 22% jCairie's (Hdsi) 10u{ 30- .. .\ 10 I 111 4 8113.9 

93% 77 Prt.M«lV«ctk>. 77«d .... IV- Z0.35 £2()i, Q3%Kie B'cre Fr.lOOJ £15 — ? £J ~ 

$79 575 Turin 9pc 1991... S75 tf 112.00 43 34 Lnd.ScaLFln.10s 42 . T2.33 2.^ 7 9| 6 7 


DM90iDM87|Tiirm 6‘tfC 1984. | DM87 


AMERICANS 

Slack | T l*-"! £S.|c%r|(rt 
Labs. |l I 17%[+% I 84c I-! 28 


11.67 AIVIC.r5ILMIVCl 

1982 Price + 

Msfe U- Shek L 

TITS 181- 131- (Abbott Labs.ll — 17% +( 

17L55 15% 11% Alcoa IS 15% +! 

1170 3% ID AmaxSl 10 

U fc5 15% 10% Amdahl 11% 

MA2 ZSh 20% Amrr. Express SOJbO 24 ... 

11 G4 14% 10% As*r MrdiGrilnl SI 14 

it" 57 22% 14% Aiwr. Nat. Res. 31. 15% 

1193 32% 28 America* T.(T. Co. 31% .. 

1172 10% 909p Bank America Coipe. 996pij - 

li l7 19% 15% Bankers N.Y.S10 18% +« 

11.62 31 25"b Bendix Carp. $5 _ 28 

946 13% 856p Beth Steel 58 917p -3 

1146 19 14% Brown’s Fer. clWj. 18% *- 1 

11 891 1L68 12 1 * 828p Brunswick Corpn.IL 12%.. 

£S fiS 21 6 17 % c.px.sj, ip. 


6% I 11.40 22 15 Llocmai? Here. 10c 18 


140 110 Pro*. Financial. 136 +1 7J 

*17% 9 Stnria KkJgs. lOp 10 • • '0.21 

48 39 Wattcm Finance 44 . ... 13 1 


40* 

17 
109 

18 
n 
48* 
68* 
36* 

220 

57 
16* 
101, 
39 
55 

58 

2- 
405 
22 
62 
210 
42 
11 

Cooper (Fr) 10p..| 15 

2?’ 
68 
£58 
32 
53 


rrasurySkpciYr/n 
125% 94% Each. 15oc 1997 — 
72% 54lj rmasuryWtfc -95-980 
131% 99% Treas.l5isJC-98tt 
106% 78% Exch. 12pc 1998.._ 
88 66 Treasmv 91^19994 

108% 81% Each. 12%pc 1999 
96% 71% Treasury 1 
112 82% Treat. 13| 

119% 89 Treas. 14pc ‘98-01 
105 76% Exch. 12pc W-OZ 


10.61 il ?l 32 20 Caterpillar!) ^% -% LTO — 7.4 33 tQ GunlontL) 10p.. 21rf f- 

17 4 4 1L98 31% 14% Chase Mlrtn.512.5. 19% -1% 53-40 — 10 4 w Greenail Whitley . 120 +1 T34 

XL98 11.69 20% 15 CheMbreughSl... 18% -% 51.72 — S- 4 3® 284 Greene King 386 -2 7.1 

5iS 9J9 27% 177p Dx^sJer 56% ■ +1 - - - 61 Guimwas .. » *2 4 4 

1193 IL66 26% 12% CrticorpS4— . — 13% -1% 51.72 — 7.4 „j n HigprdDnt.JOp 93 +1 2.6 

♦ 2%|1H8 1136 If 7 ! 11% c >ly Imr. 51.25.... 11% -% S1J0 - 90 ^ ^ invergordan ._.. 167 -1 4.0 

1 21% 15% Do.Cm.Prf.BSl. U -% 52.00 - 6.4 a 43 | ris h Distillers.. 66 -2 HUS' 

-S 10% 941p C*93te-P. 51. — 981p +9 51.20 — 4SO 445 Macallan, Glen . 465 ...6.49 

,, 29*» U% CMtlnrikSU..... 13% *i-f9 ~ 7 1 % 67 Hanlon Thorp** 96 *2 2.07 


Treasury 15ltfc ‘%tt.J 12b% 

Exchequer 13%pc 96}*.. 114% 

51’j I 43% Redemp!ion3f*. 1986-96 51% 

wlRlssswnr Hbiaasiinji s KUHc 

Over Fifteen Years wi wip c^gai^s! — 

82%) 64 [Treasury 8 %Bcl947ttJ ?%* 1+2 1 10^1 UAO MiJ c»ts. Foods Si%" 


1U3 roi, 

116% 85% 
101% 78% 


2000-03. U6% 


1Z ‘ 111 19% 912p Cont. mirwh 55- 

“ ” 15 935p Crown Zell. 55. _. 

“■91 51Sp 335p Damson Oil USS0.4 

16% 13% Dana Corp. 51 

ii-g 17% 13 Eaton Op. 50.50. 

28% 22% EsmarkSl 

JH 7 16% 141- Exxon B - 

„ 886p 57 2p Fin. Carp. America 

■25 JH3 W 650p First Chtcago 55 .. 

■« U-44 ^7 715p Fluor Corp. gx._ 

S 8«to Fort Motor $2..... 


.01% 78% Treasury Ul-pe *01-04 101%* +2% 11 J4 11.21 jj 1 U%GATX5% 

43% I 33% Funding 3%pc ’99-04 +7 ,fH| 39e 29%Gen.EJecL$2%.. 

U% 81% treasury UitfcTOW 113% +2% 1134 1144 22% 16% GlBetieSl 

701- 1 49b FTreaumRnc D2-0611.J 79% +141 1030 10 78 sol, 14% Gull Oilll 

^ 33 ^ Honeywell SUO. 
4'K 4 m 2Vt * m Hutton (E.FJ SI. 

,252 ,2 m 38% 29% I B.M. Carp. S1J5. 

?2ii 30 21% lit9ersoll-RS2 


1U% 81% 

79% 59% Treasury Bpcte-Obtt 
104% 75% Treasury U%pc 0347. 
119% 90 Treas. iiijpc W». 
56% 44% Treasury 5*3* DB-12£f 
74% 55% freasuy 7*4 k 12-150 
111 81% Exch. 


Undated 


n.05| 10.99 7Mp 61 qJ i.u.imensauonaill. 

16% 12% lm. Tel. & Tel. SI 
925p 670p Kaiser AI.Pj..— 


989p -4 SL20 — 7 1 ' 

S38p* -11 80c - S3 

iii Silo = ‘Fi BUILDINI 

S** : h . S.-38 = 1 S.I TIMBER 

"** *80? — 3? 230 1184 [Aberdeen Comt. 

ip -r ii 375 blO AbenhawCem. 

j % «-99 T.J 201 r 6 i Allied Plant 10 b. 


ZS3 C15 MenrwsCJ.).... 235 M 4j 4.fl 2.7^86 15% n% 


BUILDING INDUSTRY, 
TIMBER AND ROADS 


123 f80 Milieus Leis 20p 122 


127 I 98% InSS News 10p.| 124 *2 h26 M 3fl 97 167 


46 Ib'ihn. Goldsmuh J 62 


40 
105 
150 
14 
202 

HaHEno.50p._l 130 


3.51 l.d 8.1] (HO 223 [183 iHaB Matthew ...1 198 


«« o.a a.ucra 225 173 


188 97 lOliwer (G.)“A".l 137 *2 5.21 24 5.4 95 208 184 


230 157 Owen Owen ....[ 160 


3? 10»a ft 


fin ST'S I j" 23 11 |AHwd Res lOp- 

+ {r S ab I 105 44 L.28 Krndlffe lOp. .. 

*% ” “-2 ffio hlR IbPH lnds. SQn_. 


35% 27% [Consols 4pc. 

32% 26% War Loan 3<Miett 

36% 31% Cone. 3>tfC ol Aft. .. 
30 21 Treasury 3pe 66 Ah .. 

22% 17% Consols 2%PC.._ 

23 17% Treasury 2itfc 


35% +% U54 
32% +V 10.95 - 
36% +W 9.89 -- 
27 *% 1159 - 
221* +% 1128 — 
23 +% 1155 — 


Index-Linked &, Variable Rate 

100% 99% [Treas. Variable «... 1001.+% 1X2U 

JBf 8 EiBitfc: JS tS 

101% 86% Do! a^LL.a^.'. 97% 228 

104 1 90 Do.2‘tfC I.L. 2011.. 99* 254 


«%_ im. ^ ' "Jq «70 31B BPB lnds. 50p.. 

1«? 1D%* Lone Star lnds.‘“! 12% +% SL90 — 9.0 ^ 51 Ba^Ben lOp ' 

17% 11% LansaMLwlS015.. . l£a +% SL80 - 8.7 ^ KSitSlS' 

k a an ass.- & a a = u- 1 1 ESr *■ 

18% 12% Merrill Lynch SI . 15/ -% 5L28 — 5.0 ^ „ Beirford M lOp 

4 s sr,i& Y - : m 1 1 
A 58 »?*»: »S t #S = . : 1 1 E2S? 


Proas. IOp.J 22 


113 *4 325 


zs F* » I i.i| r3m\^ pw 


I NT. BANK AND O’SEAS ® S% t^k l-= 
GOVT. STERLING ISSUES *S & 

105 92% Finland 14%peUt 1986 «10«% 1384 12g 21% 15% TTmeTnc-Sl..".'!! 

105% 40% Bank 13&clWb.. IMJtfl + % 12.0 11.68 12 iJ 11%, Transamerica $1 . 

107% 97 Do. 14pcLn 1W7 .... 107% +% 13.» 11 M 27K, 231, Union Carbide SI 

101% 87% Mr*.16%pc200e •87%'* . lg-^ 222 25 17% Utd. Tech. SUS5 . 

103% 90% Sweden iSrfic 1986 UBij* +% 13.08 12J5 958p U S. Steel 51 


:on(E)A\. 
ntoiu20p ... 


27 ... - 

116* -l 8 0 


- -J ~ 247 216 
22 9.4 54 H4 92 


KUd 1 « w _ 115 77 57 Cornier Int bZ 

^ 15%* 53.W - 1-5 jjj 226 Cwiain Group... 250 -4 

_ 16% --4 H..DO — J.0 MM rin. Drfd_ 24U -1 


HI- +% 51.40 - 2ZEi 


266 204 I Do. Defd. 240 1-2 - - - — 


CORPORATION LOANS 

1001, 85 |Bathll%pcl985 | 3®gJa| + % jUMl 11.07 

103% 89% Binn1uml2itfcl9fl5. lQ3% +% 12.10 U-09 

105% 87 iBurnle* 13pc i987 ...| 10SU*| |l2J6( UJ9 

99% 81% 

101% 94% 

103% 94% 

100 94% 

86 671, 

110% 85 
98% 87% 

27% 21% 

104% 951, 

97% 82% 

92% 78% 

81% 641+ 

76% 56 
23% 19% 

102% 90% 


11% 825p WoohnortfB S3% . 
11% 688p Zapau Corp. 25c. 


a jes; ■ h rii a > ss-aL"jaaaw#« 


Group..... 72 . d6 6 3.1 M.0 31 n 8 

ker{j5s:j.. 40 +2 4 0 L1119WU 47 35% 

N.V ... 37 *1 4 0 11 15.4 {7 9] W 38 

tig & Gil tow 78 -1 55 U 10.1 103 yf, gs 

rwell 5p .... 45 -1 t2 75 3 5 8.9 4.0 54 39 

Iworth 47* +2 4 2b 0.8 12.9(014) M2 135 

19% 13 

ELECTRICALS v, a 

Electronic. j 255 |..-.it4.0 j 2.7J ^ 77 

C5rO«5aJM5 .... 61.75 uA ITfeU ^ ,? 
,r.n 4911 4 A I TO) Z4 15.0 .if 


.[255 l-...i«.D 
. M5 .— 61.75 



® *5 5 .« CANADIANS Z S "SHEz n 

iL'nia 12% ] 774o [Bk-Montreal S2...| 887p [+1 [ 51.96 I - [10 2 116 FWan (Johr) lOp 128 

in?h 4 V> S W7B 13% 897p Bk.NowScot.il... U*u -% *LM - 75 251, i 8 Fronds Pte.lOp . 18 

301% 1250 10-7? on7n I 77lln Ir«(I Canada 581 j. I 041a 1-10 USl 961 — 10.7 J20 92 French Her. 119 | ... 425 


133 129 FaircJoughCons. . 183 +1 55 3.1 4 j 10.0 243 180 Amstrad 248 +8 td3.95 5.1 2.! 

107 80 Feb. Inti. lOp... 102 2J5 31 3J 145 40 18 AHen Elect...... 35 ..... 8*1 0 - 

<W 76 Do.’A'lOp — . 78 . ... 2 25 31 4.1 U l g 1 Audioironk lOp 1% -% ♦ — — — 

lot 11A n»a jn (.inhn 1 lOu 128 .... 6 25 26< 7.01f6.4) 51, 3 . lie Ptt Pref. 4% .... 0 — — — | — 


-• 6 25 2«7.0[64) 5, 3 ■ Oe 12pc Pig. Pref. 41, 

... 07 1?) §.§ M -245 155 Autn Ted Sec. 10p 245 


35% 26% 
48 34 

77 48 


425 32 5.1 7 6 340 269 BICC 50p 302 -3 1057 

^y 1 ? 5 11, H It 87 54 bsridp— 57 .... 10 

H^’iiui 2,5 178 278 - 3 - 4 ? 

t2.85 25 3.1 fM A 26 20 Bulgin - A’ 5p .... 25 L35 

15.08 LS 10.7 81 290 m Caw«iWmi«5to 272* -1 6.6 


wfc? 91 WOT 10J6 581p Can.P.EntJI. 766p -3 $112 - 6.7 20 

1026 822p 495pGulfCan.il «5p +2 44c- - 3.1 185 130 Hertersoa{P.C) 1M 

27.? 1 m T?48 700p 328p Hawker SKLCanJ.. 441p +10 46c - 10.0 38 30 Newden St Itto 33 

SJ* *£" ' SS l 35 * 10% Hollinger 55 11 .... sH20 - 9.2 37 30 Heywood Wms. ,31 

III 889 S'! 10% 649p Hudson's Bay II.— Mlp -10 60c - 3J 188 U? Higgs & _H.ll t ._ 1B6 

Jpl* 1 , 1 ,$■£ 12% 910p Imperi* OtIH 12%+% SUO - 5J 34 


H.A.T. Grp. lOp 88* -.2.75 2 3 4.5 13.1 ijb 91 Camhndoe Elec. . 166 

Helical Bar. — 17 . . — — — — 303 214 CA5.E. 255 

Hfodmoa{P. C.) 185 +3 IDO 2.9 7.7 58 jgg 1Q2 fCass Grp 10p.. 104 

Hewden Sl lOp 33 - 128 — 5.5 — 38 18 Chloride Grp. .. 28 

Heywood Wms. 31 ... LO 2.4 4 6 018 154 83 12 ’.cCtr in PI „ 120 

Higgs & Hill. 186 ... bJ 3.7 5.0 65 477 393 KciU***Jw[Wd*l 477 


50 10181 38 27 

H’y if m W* lirnuim Sim. £1 

51 3 

20 55124 48 32 


u3.15 65 10 9.4 » 44 

ud2 5 20 3.4 150 " g 

b5i5l 3M U|l£7 |4 46^ 


'r* ,2-S 12% 910p Imperial 0,10 12% +% 5L40 - 2 3i 27 Howard Shut lOp Z7 -1 % 1.4 * h 4 75 48 KrayEllromc lCp 72* -1 USJ HJ. 19 

4 MW WM 7 «P ln “» - r* fe 8 ?? - ?! 1W 82 l.D.C. 20p ........ 300 . d557 22 8.0 7J 136 77 Crystaiate 5p- 133 - tl-75 3.ti 1.AM9 ” 

102% . ..11.91 10.84 ^ 55Qp inL Nat. Gas 51.. 650p [ .(51.10 — 70 7 b 52 Ibstock Johnsen 55 +2 43 j 0111.7 - 77 50 Dale Elect lOp 77 +2 30 4> 5.81 ♦ 


COMMONWEALTH AND 
AFRICAN LOANS 


rvislJ.) 342 +13 150 

Uyplant.. 5 — 

idling 5A030 .67 - . hQ15 


95% 85%|Aust.6pcl9B1^3 . 
72 57 N_Z.7%pc 1988-92.. 


+ % 638 11.00 

+ % 10.17 12.37 
*u 8J1 10.61 


151p 880 MasseyFerg.il.— 10 If -2 B- - — 344 210 JarvMJ.) 342 

]8 12% Rio Al9om - I^b -% SI-50 — 4 7 6% 5 FJaypiam. 5 

11% 822p Roy* Bk. Can. 51 10% 5200 — 8.9 9Z 59 ieiwingi SA050 67 

30% 25% Seagram Co. C$1 28% +% US5LBD - 3.7 115 73 «i*rai»sPs.]Op_ 115 

14% 994p Tor.Dom.Bk.Sl. 12%-% 5200 — 7.4 17 U Janes Edwd. 10p . 16 

11% 743p (Trans Can. Pipe... 853p -4 SL16 — 60 £26% 05 Lafarge Cop. FIDO £16 

88 48 Larng (John) .... 80 


* M * [ 12 

F® j. 77 40 


7 Derr I iron 10p.. 8 -1 B— ■ — “ — I T7 i 

9 De-htav -A - lOp 13 .. .1015 — | — Kjy 

27 Dowdlng&M. lOp 37 +1 tL65 J.6 6*13.7 ^ 


75% [ 571, 1 
17 8% 


ss- *- Am ^ h^i s 1 15 » r:- « 3 55 r.M u 


: Edwd. lOp. 16 


EJirJii ^ Fg fe r "3" s ’. ™ :l ?lss saaiBi Kf 

26|.5j|{8.6) 30Q go ESI London 298 J» ... 44208 2.^ L1J53.8 | 56 


61 2 \3b* S. Rt»jd.^i"acNon-Ass. Wti BANKS AND HIRE PURCHASE ^97 Pffi | Leech (Wm!)20pl !5 .,.1 16.6 

3 3 »■ i _ LM6LIBU ™ ffi 1 Kfc iS 

19c jig zmeabweAm (QODia) 395 + 5 - 18.13 H*i Low | Stotk | Pita | - | M |Cir|«fs|W ^ 7 „ Brick.... 112 4.89 

95 [318 (LUW “’ ^ ^ |ANZSA1 . |-3 1 028c | 33[ 8« 3.5 *160 120 tajipui- 1« +2 h4 


00 -m uingwomr .... u« .• i 300 BU tb I London eta* . wwtao JL--. „ J, 

125 105 Latham (J.) £1 . 710 ... 80 0.410.4 — 198 140 Eleci’ranps 10p. 390 +2 2J 3.9 L7ZL9 -g £ 

174 130 Lawrence (W.). 174 ... 8.25 3.2 6.815.1) gg 84 D*cr»4ta«wrS153. 98 +2 Ql-5e 8.9 0.8 13J ^ S 

57. « Lee^«Wm.>20p H ^.16.6 42 22 Qectromc Mah.. 32 - - - Jj f s 


270 205 Alexanders D £L 268 +15 183 

LOANS u^-csi 0 £** ... :as u JI 

Public Board and Jnd JfSjf g“SSSi£ m ..".‘SSs “ 9 1 

72 1 57% [Agrit Ml.5pe ’5W9I J H L‘ » ft f 2 Bk. tawnl S0.1 2 .... i«s| - D.« 

331, 1 24% | Met- Wtr. 3pc 'B' [ 33%*| ■ ■[ 8.84[ 1L39 

A FINANCIALTIMES survey 

INTERNATIONAL 
FUND MANAGEMENT 

1 OCTOBER 1982 

The Financial Times is planning to publish a survey on International Fund 
Management in its issue of I OCTOBER 1982 . The provisional editorial 
synopsis is set out below. 

Introduction: There have been great strides in the field of international 
fund management, spurred recently by a broadening of the investment 
horizons of American pension funds. But it.is not always clear whether 
investors are seeking greater opportunities for growth, or are simply 
attempting to reduce risks by means of wider diversification. 

Editorial coverage will also include: 


f 3 n*?,- 6 ! 42 22 ElKlronc Mach.. 32 

H 18 -? Hi 49 65 EJkl Enroll 25p 77 [-1 |4J1 

34 *1 in? 125 110 Em«> Lighting 112 

lb jb 1 H 3fl -l 8 Eiwfgyiwilta. |4 

3 9 -.0 12 xgc ,11 FimihmiIm llto- 493 


. . f6.75 24j 8.6K55) 


9.9 _ 125 I 73 IrMcLaigjdmSH. 125 

1.8 9.8 516 190 [132 Magnet & Slims. , 188 

4 0 9.7 13 172 »40 MandersfHIdgJ 144 


125 73 kkfcLsmgrfmiH.I 125 5.75 3J2j 6.6l 6.1 225 U3 FamriTEIei^Sp 220 [+2 [I^S I 4.4( L0|32J ^ ^ 

190 132 (Magnet & Slims. . I 188 50 2fl 18117 0 m 102 ^-Feedback lOp 120 • 1 .2.0 I 53 2S172 3® 20 


5 3 95 48 43 
2ffl33'4 430 305 
LOtefl 22 161, 


,7V ix iwuiwi st avm*. . u« ■ .- *■ ± yjo I in. +h(edbui 1UP uu .... _n .- 

72 140 ManderefHIdgJ 144 .. . 54 27 5.4 99 M5 31fl p^a^sop 440 +3 M25 44 14175 * ^ 

_ . .42 108 Marchwiel 140 .... 6.6 18 6 7(98) y 45 FuieUty Rad. lOp. 50 ... OJ — 03 — V, 

- I 115 81 Marshalls (Hf*) 105* +2 5 0 22 6.8 85 ^3 ^ iLsD# lOp 60 -1% W75 13 42 9J « ' J* 

75 60 May i Hassell .. TO +1 2.8 — 5.7— 63 u Forward Tech.. 22 +1 dlO — M| — Yi 1 if? 

79 65 Meyer Int........ 79 +3 N3.5 — 6.3 — 185 138 Fujitsu Y50 181 +1 Ol 3 !*? f, ?■§,?- mt 132 

15% 8 Miller (Sun) lOp 15 .... - - - - £11% 788 GJEx! — £HPi -4 32.* 45 L7 173 2g ™ 


182 ( 84 jMIvconcreie I 164 


44 05 — ( 35|— I 5a 37 ^iwewuCisrCbciii 43 -| , .T3 T J — 

It roPf-ar. 2? M% Cr««norGrp5p a - • Mj. 


29 18 Mod. Erwneer* 18 ... . 2.0 —15.4 — 22 151, Crosmw Grp 5p 21 

85 53 MankfA). 85 +1 3i 53 5 9 34 ^5 a5 J ^-Hadiand 100 

218 175 Modem in 20* -1 963 2.7 6.7(6^ 12% 5 H«m*innn lc.. 5 

580 440 NewarUuJI £1.. 492 ..... d80 3.6 2-316.9 M 3 g HigrtandP 20p. 28 

178 1101, Non. Bride 50p -168 +6 6.62 10 5.6 (2471 ,7 fHunWmdrEL lOp. 22 


..... 03 _ | 2.61 - 


IOO 54 Phoenuc Timber 54 ... — — J — — g D 281, iCL.......— ....... 56 — — _ — g 

225 195 Poch« WO .- 90 6.4 6.4 23 2S0 245 »io TrchmiogjSo 245 ... ~ 106 74 

Z7D 198 RMC 270 +3 9.5 23 5.0103 13* gj iwc 5a. S*: m . 123 — — — — „ /, 

17% 11 Raine Inch. lOp 16% TO! 31J .0.9 116 1D i; 72 io,.,, Swod .... 85* ... 5.2 *- 8.7 ♦ ® 5% ( 

90 68 fRiunus.... ».... 68 .... gd5.0 2.1 10.7 51 315 j20 Kode Int. 4M -29 7.0 2.8 3.8123 "J ^ 

[96 151 Red land 196 7-34 qL7 5.4 133 270 ug ^ ftfffjg™.- 2« -3 «■£ \\ 4 7 ^ in 

32 £60 Wjnd|£ WrmtL). £82 +1 - - — - Z30 117% M.K. Electric ... 225 +1 h7.0 24 4.4U.9 ^ JJ 


K 52 
85 6b 
26 10 
12 8 
63% 451, 
51 49 
56*, 32 
137 92 


106 74 

8 5% 


196 151 Red land 196 7.34 gL7 5.4 13 3 

£82 £60 RrtLrtltttrrms.). £82+1 — - — — 

149 105 Roberts Adlard. 149 -.. . 9 0 2J 8.6 73 

195 150 Rohan Grp. 10p . 160 ... . 0165% 37 ,8.5 42 

44 36 Rowlinson lOp ■ 36 .... dO.bl 63 2.4 6 7 

176 89 Rtaeraid... 172 -... 4.7 J-9 |.9 93 

98 79 Rugby P. Cement. 91 -1 5.0 2.0 7.8 73 

197 134 SG8 Grow....... 184 ... 56 2.9 4.3113 

44 35 Sturpei Fisher. ® +1 U 12 7.0 >5 fl7 I gg jH^y Tech. Iim. 87 [ 0.75 

45 16 Sheffield Brick. 16 .075 — 6-7 - 12 7 Iwewman lnds J W - -I «- 


90 &* 73 320 335 Mem*: lOp 310 -4 3 0 

W *1! 2 1 155 110 +Mllw 33 »op- 155 ♦* ■ d2 ° 

■’ey So la t £ if ,J 712 Mitel Corp.fl.... QO -% — 

4.7 3.9 3.9 9 3 71 13 Uflivrrr 20o 14 — 

12 IS,?-? fJ9% £27S SSffifc: £351,-1 Q5L60 

175 109 Mmrttead 175 .... t3J 


24 4.412.9 I 7 

23 L4 403 J6 

43 13133 SS5 [280 


« kMSi 

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£23% d4%%«CTSrt*»ta. £19% -% ttt OS 
64 54 MM.— » :- -JO 

267 173. 8l«eSfVi«a)- 2» - . »* 
!76 136 NorthentFoo* M6 +Z tt} 
132 SnrtwPVH* . .. C.r 
71 PatOf-wiJertS. • 77* 62 0233 
44% *PSe H*8v Up- . *J% 

471, R.H K +1 336 

154 RromM. 50p l&T +» *6- 
£13% Safrw»aW,. 09% 1&M 

3S3 +S ME 

ft -aSf 

a 

fi--a .1 a 

n* .. « 

139 +8 5 JS 

55 33. 



H OTELS AND CATERERS 


91 50 

1ft 15% 
233 175 
34% 28 

279 111 

345 152 
85 ffl 
170 127 
26% 19 
36 20 

38 30 

.. 68 50 

34 *J4Tto 26 

- *1131 £103 

- 140 12fi 

” P, 5 

- 222 180 

7 71 47 

J 130 no 

* 295 KO 



53 +1 175 1 23 4.7 
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251 , +% 077 .21 43 
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335 ... 7 tf 12 7.4CB1 

.5 . . arrk i 

220 -2 US — W 
65 ... tL6. JJ 33 

+7 60 ' .15 4.4 

32 0 -5 5.88 2J4 24 


INDUSTRIALS (MisceL) 


3 2 33j(nf) 
32 

16Uif78) 
21 7 $ 8.9 


38 29 AAA Indt » • v- X 11 Z 

£21 uWafetAABieial |»u - , ■ J 3 34 

S S »4C5 ■ : 4 « p a. 

44 24 Jtwomontoai K6 |M -1 12 J* ** Wt 

43 28 iAhbey L3f. - T _- g* , 4, ^2 

62 47 AiHarSFWtl*. 51 *1 M | W 

260 170 Aero* General 260* 35 ♦ 18 + 

a 17 Aero Needles ... 21 . .. . *r - -.r. 

61 46 Alcme WUgv 5p. 56 +2 525 0.4 I3.J 13* 

560 370 Amal.M«3!{n) 370 20 1.9 OJ H9 

43 32% An*eri*h.lOP JO wsfilJi 

*202 144 Wd.CmmBW. 200 *2 ■ 85B.5 32J 

35 15 Airman (A) Kto 15 -1 *« 3 — , : ~ 

S 9«j Armour TrwWp 14 01| 

54 3l A5hlwW.Trt. 39 - £5 »IU M 

290 2M fcjwAmSwwor. 290 NIB 4 ♦ 

29 21 Ass. Sprawri Ifti U5 .14 7.! I&S 

100 73 fcst>6U*be»2Qt- 9* . ... S| 2.0 7i 13 

96 78 Attwoo*. 96 +1 fl.O - M — 

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224 S3 Aren Rubber £1 95 . - «* To *n fiTli 

3B 30 BBAGrwP; — » *1 i® fj '“9 

184 237 B.ET H it I? S3 ll 

£238 Oil feSeCUtaf’ffl* 038 ^2 «%223 fti 

H m CSrmtaia -■ “ jjgj 

36 27 Barrow Heptwm . 28 +1 22 

98 62 I82th& Portland.. 89* - T4i 21 7 2 *.9 

£Z2% £16’,j3*BfrTm.pa: - £22%-% Q46c — L3 — 

f$ 214 W +6 8 0 ll 3.8 m 

*281, 37 KilS.. 1 ? if * l 40 32 74 ^ 

8 S KTwr. 5 -3 JS 31 j; 

305 S>i B*by(J.)5Qp" 2M* *5 *667 || 2j 111 

>8 *a nes% , S t 

104 70 SaiamCUlOp- 70 - 33 Z2U.b « 

38 29 Bath Arrow 50p. 35* -I 2T3 ♦ 112 * 

355 231 Bleck(P) Hldgs ®5* +3 495 ♦ 2.0 * 

*122 78 BtawMPerm.. n9 -2 t60 f 2 -Ziicn 

hi S3 Bodycotelntl... . 54 .... *0 L9IB6(SK 

1ST, 12 Boaofl Prf 'A lOp. 12 . ,. }08 15 50 

,1 £ BtSSi * ! ;! $ | i B 

?Sl, 04 -% B5140 - M - 

263 [187 3owstt?r£l... . 197 -f 11.5 1.9 8^PJ» 

66 42 Brafcy Leslie ICp 65 L5 U 3.3 M 

93 37 Body lnds “A". 90 .. 41.5 - +-f “ 

14b 127 Bramrcr(H.)2GR ^4 5 7 22 6.1 U 9 

5ft 39% BmsgmenlOa. 51 **j 0 8 3J 22(1*1) 

5% 3 Bridgend Proc. 5p ft — 7n i7l rijs 

84 45 Bruton. 45 -3 3.5 2H 1U 02) 

38 23 Bnft»rfC20D. 31 ^ 11.42 - 6J ~ 

240 170 an a#tMiie5fc. 2M +12 1 J 34 4 6 61 

65 57 BB A £V~ - M* ... M * * 

34 21 B-rt. Syphon 20o 25 lO - 57 

£ S EffiStal ♦ n t 

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31 18 Brown Bon. Kent 31 +1 - — — - 

722 102 BnumreiMusi).. 11« - MJ7 

45 23 Bora On*. — 23 -- *1.0 04 t — 

9 6 Buntdene 15p.- ft .. . — — — — 

28% 2«, BwmAedsalOp 25 .. 16 *4 ** 7 

45 91 Me.-iM Cera A 80 .. bl.O f 4 18X11 

23 16 C H. IrnTb. 10p. « ui7 Ul . - 

236 W6 CSRAS1 1J6 018: 17 7 2* 82 

65 37 Camrex 2Dp .... M *1 4 g 

70 48 Car«ng(W )._ 49 — 3« }2 11 « [»4> 

31 23 CaraT bnH... 24 . i.O 1®J 6 1 

190 76 Case Industnes 76 -1 5o lOlOauXTl 

24 12 Cara.am inf 20c 13 . - — - — 

HO 160 Carlin lnds. -.160 -5 7 5 22 6 . 7 4 

24 13 Celesnc*i20p . J9% «% |10 — 13 - ■ 

16 10% CffltL Shwrwi 5 b U - . 1« 05 « 5 (MO 

1J5 95 Cmreww5«h. W* -5 50 ♦ 7| ♦ 

53 42 Qua'MwPh.lft: 53 +1 3 3 2 0 8 9 76 

33 3 Chanx Mbres 2Qp 20-2 — — — — 

169 102 aealeJfHNSSlO. 131 +6 tOS3c — 39 — 
41 18 Chnsiie-T.lOp. 28 .... - - - 

146 118 Christies let. 20c 142 7 0 15 7.0123 

128 99 Chubb 20p 121 +5 5.43 l.C6 4mil 

139 130 Clarite (Cfenent) 139 .. . 301 31 Jit* 43 

96 46 Cole Group 84 20 — 34 — 

21 10 Ccrowidletflfc. U +% - - - - 

203 78 *Cotku tiaras lOp 2D0 — _ — - Ml 

07% £13% Conti Grp. SI.. £16%* +% 0260 - 4.T 

37 24 CwLSUMrylk 33 2.15 J* 52 mm 

45 35 Cope Allman 5p 38 +1 T20 07 7.5 OM» 

52 32 Copyde* lOp .. . 37 .. 2J « 9 3 ♦ 

39 28% Cosalt 31'i 3 J M 1 S S t5 ,*-l 

56 42 Cnurtuy Pese 20p 53 .305 38 82 37 


30 17} 60)01!> 

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SI 40 - I s m - 

1.5 siloj* 


34[-4« 61 


0.1! 'l? 


IS 99 17 
mi 6 (44) 
2 0 / 6 2 72731 


d :a f, 


39 28% Cosalt 31% 3.5 14 15.9H5H 

56 42 Court ny Pfse 20p 53 .305 38 82 37 

37 18 Cowan* Crt.lOp 18 -1 d3S OJ 27 8 — 

107 82 Crear. ( J.) - 82 .... OTK. 13 12 1 79 

109 81 Crm Inch* lOp . 108* +3 t2 85 3 2 3J124 

10 5% CfcdtoyWCiTdlOp. ft . 0.05 — 10 

338 263 Dalgety £1 291 +2 2ZJ3 14108(87) 

90 60 Danes 6*1 'wnm. . 66 +4 d3.0 — 6 5 — 

F37 445 De La Rue 485 +5 2208 15 65 (DJ) 

14 9 Diamond St lOp 11 — — — — 

ft ft DnrkieHeel5p. 7 ... 0.45 14 8 l610.7 

m 190 Dtekima lOp... 277 +5 W3.8 28 2J 260 

88 76 Dobson Pa* lOp 82 5 21 17 9J 12 

78 55 Dam Htogs. lOp 73* 4.28 1.4 8-4 111 

£17% £10% Daier C«p. I/S51 OD^ +% 070c — 391 — 

29 3 Downs S*n’ 13P 27%* 0 J — L6j — 

53 38% Dufay Bttum. 3£fc « 20 16 6* (US 

80 53 Durdomn2Qp. 78 +1 3 75 26 69 65 

315 240 Dunhill Hldgs .. 310 .. 110 25 5.1 90 

-- --- — ... J2.9 01 : - 


57 27 Duple lm. 


9 Dupwt5p 1 13 

b Dwe* Group 10o J 9 


107 78 Dyson (J. 4 J.). 82* 4.0 

100 66 Do.-A'- SOrt-1 «0 


84 (6* lEaMryn Prod 50p. | 64 


0.24 2 J 3.9 029 

4.0 4 | 7.0 * 

40 *71 * 

4 5 28! * 6 27 

4 62 1 JjTO J (6 4) 


21 13 MolyrrcZOp.-!- 14 .- ■ rr tn - - •’ 

fJ9% £27% Motorola S3— £351,-1 05160 - 2.6 — 

| UP Mmrtiead 175 |3J 2J 2- 4 §-9 

►1 L^f ^ 7-3 85 87 BO Uerihr Teck. lien. 87 075 15 12 78 6 75 

■0 75 —I 6.7j — ■ 12 7 Newman lnds - W -- - j-" T - *T JJ? 

-.11(3 95 22^ 9.7^ 74 310 m Newmark Louis 200 ■■ • U.5 * 85 * 155 

1 1 205 154 PJiaomi Oea V50 174 -1 *. f 8 ^2 

650 l*m*ttw8IC20.. 695 +10 vQ2l,% 99 0.7 153 _7B 


63 51 Smart (J.) lOp. 59 -.W3 95 2 2 9.7 74 3I0 ^5 n^marf, Louii 200 - . U.5 • 8| * 

29 22 Streelers lOp... 25 ... — — — 8.6 205 154 Nam Beet T5Q 174 -1 Q13% * 0.8 ♦ — - 

356 199 Tarmw5(^.-... 3Sb +1 W.2 2.9 3 7111 m 2 650 PhSteaN KJO- 695 +10 «Qft% 073 ff J5 

580 478 Taylor Woodrow. 500 16-31 26 44104 a7 lt5 *. 0 RE10p - 240 +3 - - -171 »3 

91% 48% TitowyGrt 86 +2 «J7 21 6.9 8.1 255 137 AOceomcs 10 d.. 255» .. odl-5 5J 0^247 146 

1% 160 Trauk A Arnold 196 ... 4.33 4.8 3.210.7 rn^, £la Perfcm^L-Mi- 4pc £130+5 Q«6 - O- 3 - 8 

54 20 Trenl HoUnpi lOp - 54 .. . L75 4.0 4.7 5.7 47 54 j%tbow Hldg IQp 59 +1 ?■> f 4 CT a 252 

195 120 Turriff. 180 .... 5-0 52 4.D 5.4 +7 u pniomiOp 25 -2 1M 1-1 ^7 (76JJ » 

61 44% UBMCrmm 50 .-28 — 5.7— £541 w Philip, Fin. 5'rS. £56% *2 Hr. 1 ! ,7. « 

53 34 rUuCaeacOssIt . « d33 0.4 13J - S42 427 Ptnngs La. F10. 522 +2 rQ18% LO 7 1 13.4 82 


82 50 pccartvitl JWO. 58 '•m*. i 7,121 

52 50 Do DoW 55 _ 1 mmi | ^ 

Fnnn groceries etc 216 m + 2 ' to 2fl5.ffiRjj 

ruuu, bRULCmca, C.IV/. yo 132 p Mhf , gill Haney 118 - 775 L2j 9*13J 

75 +2 3 85 241 7.S 80 f? 44 Francs la*. ... 45 .... 5 0 15h5.9p3 

81 +1 o3 75 20 6.6 (8.9) L55 45 French ffcos. ICp 105 60 3X 12 4 J 

148 +4 4.3 40 4 2 6.6 102 85 FrwtSandDgt. 93 5 ! 2. 6; 7.8} 61 

150 +2 Tb28I 3.6 2713 6 2x2 210 GRill*)... 210 

68 ... 20 3-4 4 J 8.7 11% ft Gortons TOp-- . 10 

355* +14 6 0 * 24 * 69 GMMrori'S-V.g 46 


31 (23 Wecth Stone lOp. 23 


P 108 1 37 P*ra El Prtt. k'J 37 


il I - I - I - 143 


185 168 Vfcnjplam 172 14.53 ♦Iff* 225 h53 P«co Hhte. 20p.J 160 -.5^ ♦ 4 | ♦ *70 

55 46 We* Hlflgs. 10p J 52 -1 d4.2 23 11.8U42) 2jg 153 I Do.'A’20p 1 360 _ . 528 * jMj* 150 


Equities 
Bonds 
Property 
Currencies 
Venture Capital 


The Pacific Basin 
Regulation 

Performance Measurement 
Securities House 
Fund Managers 


45 34 Do. Defd 41 - - — 

97 82 Warrington 84 +1 -58 

180 153 Wans (Mate .... 172 +1 257 

69 SO Weitem Bros ... 69 ... — 

40 2D Whallur? 33 -.10 

160 102 Wliii’gh'm 12%p . 102 ... 7.0 

m 75 Ufiggte Group Hji„ 76 -. 3.0 

244 IH WfcoMConrail!/) 244 - - d3D 

125 93 Witt9ey(GH}. 121 .>-2.8 


7, 7c 7« 547 M PtoaeyS 00.— 51S -3 8f2 M 2-^ 24.4 63 

H 9j 68 34 19 Pmsac lOp . — 22 -- ll « 7.1 - 510 

3.4 3.013.7 no 20 (fraKAutolOp. 25 -7 7. ^ - 19% 

“ 7, r, 7, 523 347 Ratal Eleems- 528 +u fffl 44 L4 20f S8 

?n lfl inn ll 253 170 RedlHuSlW 232 +2 605 21 3.716.6 112 

12 57 40 RoUflexlOo.... 45 ... 2* 35 6.4 4.9 79 

H H 125 M f-Sun Dau 10p.. 105 -5 - 7, - — ^ 

30 85 18 85 to* rm 4rhn(MfGHI . W» +3 t!652 21 62108 205 


IS 13% EtbieflOp 16% ....139 * 06 * 

85 64 EtecolOp 73 3 « 22 67 80 

)Z5 762 EVciTlior B KrW 780 -20 v016^ 21} 9.6 49 

28 17 El son t RcStim 17 ... 01 — 0.81 — 

9i« ft E1swic+ H'per 5u 8 ... 0.03 — 041 — 

[20 ol EmMriCcro.Sl £17 -% QST 40 - 8 S - 

12 8 Emray 5p 10 . 05 - 71- 

176 143 Eng. Chiu Clays 150 +1 *7.5 21 71 90 

IDS m *Emitou lQp .. IDO* . d3 1 * 4.4 » 

56 >7 Ertf me House . 39 +2 — — — ( 4 ■ 

155 105 Esm.’Tsitf :<.« 122 .... 6 7 * 8.71 « 

[16 OP« EsieheAB K50 Q4 .... rf)17S « 5.41 ♦ 

86 58% Euro Femes. .. 62 ..3.1 L9* 71l(91) 

43 7ft Erode Gro 77* . tl85 42 34,66 

Sb7 235 Ext* 327 -3 40 23 3<»129 

37 31 F«dei 4gn C 10p 35 -.115 * 4.71 ♦ 

L70 112 Fenner (J. H ) . 137 .. . 90 17 94[(75J 

LW 74 Ferguson Ind. - 109 ... 5.7 17* 8 U 88 

IDS 145 FhansCl 407 *12 10.3 1.0 3 3(115 

31 18 Fiuwilton. .. 20% -1 &31«* D 06 3L4J 7.7 

100 70 PWe'Csi*) 3D5 75 +2 tOSTH 2? 9« 39 

49 36 Fle.enoCiW. 38 70 7 - 26 — 

50 34 Fcbelint-lOs. SteJ *3= J H2 14 * Mi* 

82 50 rccarty(E.) 30o. 58 4 02 21 9 975 7) 

52 50 Do. Defd » — -J — 

Lib 158 FovraMuws 372 +2 7 0 20 5.KE3S 

39 1)2 FolhergillHanef 138 - 7 75 L2l 9*133 

F2 « Frarim Intfs. ... 45 .... 50 1515«(53) 

135 45 French ffcos. ICO 105 60 3 1 8Jj 4 J 

102 85 FwdJanflDgt.. 93 51 2,f ffl 69 

!c2 210 GRIHite)... 210 7 0 A9i 48] 56 

11% ft Gartonsufe .... 10 — — j— j — 

69 Swewr AVt..-:; 46 - 2 65 I Z3t S 2k6.0) 

41 28 Glevtt Grp 20 p 39 . - I — ! — - 


145 . . 6.75 ♦ 6.9 * J 1 28 Gfeves Grp 20p 39 — I — ! — — 

51,-% - - - * SW klB Ga«*50p - 765 +10 *1125! 28} 21195 

250 5.87 55 3.4 6.4 3b IS Gomrw Hl« 18 - I ~ J ~ - 

21 _ 65 I 47 Grampian Hdgs. 50 .... 45 DSU.«RB 


M8 v. . tW.O 

140 . .. dd.O 

57 +1 4J5 
480 +7 *645. 


21 — 65 47 Grampian Hrfgs. 50 .... 45 B512.«K8 

78 +1 3 5 33 6.4 5.1 252 170 Granada 'A' .... 1% .. t48 28 35U4J 

74 ... tfZ.3 4.4 4.4 58 l 44 93 GnoperradslCa . 93 ... J5.S 5J ^25 

135 +1 *2.75 20 29 242 "7% 1', G«vrbenGp5p 6 +% B— — — ^180 


. tW.O 1.1 3.9 (158) 13D 23 Halma IQp 317 -I 3.46 I 349 131227 

.. d4.0 19 U (159 I 137 136 Kansan 7n«.. . 187 +7 tftSi) I tT 3.8 HU 

435 08 10.9 dJJ) j £133 £107 k4'iK2> 2XMfc £133 +2 Q9' 1 %I13.H nil - 


60) ] 65 I 45 (HarTreavK 20o ( 64 


17 +3 1 Z035 [ — I 3.0 — UP? 74 Ham;(Pts.)2Ct 94 *1 65 


53 +1 3.91 U105H82) 
112 +2 4.6 Zffl 5-9(114.4) 




Hansps 5p .. . 




T4.2S 26 


30 -1 20 


82(5.4) » |W Hjrtas&Tctta. 19 -1 1 10 j- 
9.5 3-8 91 I 60 Hawley un> — 72 --.]2be ! 3.' 


Kll l®*[-2 \'TI ♦ w * S 

U12 Iiaflto 0'S 1.4 1U 207 


CHEMICALS, PLASTICS 


Order Date: September 3 1982 Copy Date: September 17 1982 

For further information and advertisement rates please contact: 

Guy Mainwaring-Burton 

- Financial Times, Bracken House, 10 Cannon Streer, London EC4P 4BY 
Telephone: 01-248 8000 ex 3606 Telex: 885033 FINTIM G 
7 besift..iHH k +u* i mJ JWto..r.c« m Ik NlumjI T«l»* »«hnpe<»l« 


MO 1475 Akn FI. 20 — - 505 +5 *010 

3b9 136 Ail'd CdloKltip. 267* +1 3.13 

249 18b Amerrtum Inti . £49 +3. 35 

9b 74 Anchor Chwt. _ 93 ■ 3.0 

50 31 Arrow Chemicals. 48 . +1 — 

£327. £25% BASF AG DM50 £26 rQ14 
OIL £24 Bayer AG. DM.50 £241, .. iflZH 

118 % Btosden lnds. ... 98 . 6.0 


JS I Sf! In 333 2M Schofes (GH).... 3g +3 fS 

28 | 4.1} 3.3J 8.0 .Tfi 7 122 Security Centres- IB* -2 U * La * D1 

109 67 SsartyTasSiste.. 109 +4 - -J — — 

930 662 SonyCo. Y50... 700 -U M L4 1L6 207 

150 54 5now( Dlfhn. 5p.. 140 -4 0 .71 4.« 0.7 36 9 98 

ICS 650 430 Sid. T*. S Cables. 575* +5 22 3416.2 37 

_ 69 40 Suier Electrol 5p 42 ...1/5 *3 H 7i Jf 

4.(8 83 3.0 53 43 Teleltsion 5o ... 49 +1 tli « 4.7 75 *47 

♦jl.3* 53 43 0o.*A* N/V5p. 46 - Tli M 5C 70 87 

2_a zo BUI 1S?1, 1*1 Tr4r. .142 -3 M.63 21} 4.3 146 164 


180 -2 4 3 - 


,..-, 50 3.«4.ffl9J *+ W» Mawl'nSp. ft..-.! - -J - - 

m 1-1 | 58 341 64 58 ( 55 42 Ha? (Ucrnar) Ifip 49 j ... ?J Uf «.«U3 


55 k'Hawr 

94 '.Hepwjrti! 


ym | 395*1 


•J Ifl ♦ S3 43 0o.‘A‘ N/V5p 46 - [U 

2S 20 CM U2% lffl Tele. Rentals-- 152 -3 £4.63 

3JI4.M 7 7 485 380 Thorn EMI. ..... 440* +M *4.B 


55 36 Birt.TarPenOp.1 42 -1 22 19 7 Sll.l 400 


£97 £87%totaG8W!fiJ94 £97 .. J 
£97 £85 pa8%*kCa£2'95- £97 +% 08 
142 109 Eoilite Group _ 139 -1 


O ll Ti 485 360 iMrr. 44W-M UB 11 U OJ# 2« 

-1-200 129 107 kJlelk/'V* 118 +1 _ 7 ? ,1 5-’ 8 -| “ ™ 

lrfb.5121 140 103 Thorpe F W 10p 140 , 44 2 313 - 0 348 

10.8 78 88% 58 TaittaCemt YM. 63 -1 ♦ 7 J .« 

8.710.7 303 ZOO Urrittch.lOp 263* +1 * 4 -f * 

-.7^7 M ]8 sudEtoMa.. 20 0-92 J6 6-7«« Zg 

280 240 Utd Eng'g iOp.. 262 • H ^ 

400 282 UUL Scientific.. 360 ■ t«3.0 3.1 L2333 2OT 

7? 44 ’Saect. K.V. S iLH . 45 — 56 


137 Ul Brew Cherm lOo 323 -1 23 2Dl 27 223 38 18 {fUd P«5w2k.. 20 0-« 

21 10 8rrt. Senral IOp 12 - r J - 7 7 280 240 Utd Eng'g IOp.. 262 • 


54 - 127 94 HepwarthCroit... 128 +1 525 

68 nzn « 31 HesMto 37 -l 20 


135 I 18f 7.7] 88 


24 • . 0.88 13 52Z12 ,»4 47 HwrrttW.) 57 ...19p 5.2 4.9j 4* 

40 . 2.0 - 71 - HO 85 HiBfChas.JSl. 105 

42 . oflJl 33 12 44.1 192 10« Holden (A.) 176 [ -(6 9 | 2iH 4.9*127 

86 . . 546 * 9J 0 85 6 HcUisBrm.. .. 12 i — i — _ 

151 -1 T25 29 24 229 » 34 Hrtboydlr: IOp 37 ; .. 317 ! L3|Ur[l2) 

280 + 2 d3 0 19 41 [32] 107 65 Hoover "A 70 ... [ - ! — 1 — — 

166* .325 * 28 ♦ 12* 107 Hortmi&H23B. 220 ...i 5.C IX « 83 

310 8.0 38 3' 77 65 Howard Tenerr. 64d j .{«] 0 * I 22J # 

67 2 9 2.9 6 3 76 29s 225 HummjAsiec. SO j. £0 5.K IV 70 

97 -2 444 13 6.5)031) 157 100 Humletgh IOp . ISO | .i .7 4MLb l69 

266 +2 460 31 32129 1»7 99 HuKf-lW=roShifi ] 120 i-6 ) G4Gc 4? 33J 72 

Lennens Gp. IOp 36 -.265 1210.. E rj9 

LrrrfchM Hldgs. „ 208* +10 120 L5 8 2 032 

_ , , , , - . - .LowriUG.F) 50 . BMH « ; <5 

tf-4 2^15 4 0 01 *197 147 Low(Wm.J20p 176 +2 68 0 15 65 W 5120* SEH jinriial . J Z71*i-2 110 75} IX 5.71 9* 

{3.5 | L7| 5. a 14.1 1 117 95 Mattiwws(B)... 105 -. 438 16 6.C j 64 U5% |imer-City 20p . 44 . _ 


40 . 2.0 - 7.1 - 140 I 85 HiBfChas.JSL. 105 

42 . dJl 35 13 44.1 192 104 Holder (A.) 176 

86 ..S46 0 9 J o 25 | b Hdlis Bros .. ... | U 

151 -1 t2 5 29 2422.9 I M iHrt boyd lm IQpi 37 


16} 6 *140 

il urn 


Did. Scientific.. 360 


(8-5 — 75 45 ifacrll.U.FiS. 45 

18.3 - Ul 48 Ward & Gold .... 50 

4.7 78 120 87 tiWrtorrELU* 97 

































OIL AND GAS — Continued 
M#*Lw | Stock | Wee I*-*! St Weks| 


| Mr | - I At |C1r[6r-i|p/E 

149 {-1 1275 I 0.9f 2 61 MSI 

B9 +2 34 2.7 

60 -7 - - 



Hill Samuel 
T t, Unit Trusts 

I S Manage 
1 your money 

effectively 

45 BEECH STREET, EC2P 2LW 
TEL: 01-628 SOU EXT: 2772. J 


MINES — Continued 


Central African 


1982 

tflgfa lm; 


|+ erf Dh. Ira 
l - | Hrt fw[8rt 


120 75 Fatera RhJSOc- - 100 .... 035c 110^124 

33 19 Wankie Cot. ZS2 . 23 *2 Q3c 12 7.0 

21 32 2am.Cpr 58D0.24. 35+1 - I - I — 


Australian 

- 23 10 ACM 20c is ... - - — 

— 7 li* AnnyGoid NL25c 2'j ... . — — — 

29.5 151 # Bond Core 54 -1 gOlfc 23114 

5.4 82 58 BMoa'iwlile IKma. 79 +2 wi7!c 12 * 

♦ 192 147 CRASOc 1B6 *2 QSc - IS 

8-7 16 3D Carr Bovd tOc - 15 . - - - 

56 22 Cmiral Pacific ... 27 — — — 

380 152 GniMfferOli 235 1 

I 26 10 GuftwPafffaWL 12 + 1 * 

27 14 Es9le Com- 10c— M - - - 

23 ftj Endeavour 20c .... 8 1 * . — — — 

368 150 G.M.KaigocrkeZSc 255 +20 0321* 0.9 7.3 

10 2i, GtMf Eastern...-. «,? *‘i - — - 

63 3fi Giwitate* Tin 10c 33 06c 1.910 3 

IBB 134 Hampton Areas lOp 188 +6 30 25 23 

32 10 HawntNW. 33+1 — — — 

72 9 Inti. Mining 14 .... — — — 

9i. 2 KsmaiflMlnZOc.. 2 ... — — — 

1M 30 Kitchener NL 25c 40 .... — — — 

14 B Lcidiardl Expin... 7-1 — — — 

190 92 Meelulharra 25c. 113 -2 — — — 

44 15 Metals Ex. 50e._. 19 +lij Q3c 3-7 94> 

28 9 MrtraiMrHlra20BS. UPj +1 — — — 

10 3 Mid East Mins. NL. 4 .... — — — 


81; . - - - 

255 +20 032'jc 0.9 7.3 
4b +1; — — — 

33 .... 06C 1.9103 
188 +6 3 0 25 23 

13+1 — - — 


Ultramar 
Warrior Res.fl 

29 25 9 Weeks Aust... . 

3 8 295 1 30 Wtrte (B'mudsl Iflcf 130 
- 305 135 Do. Pf. (Oust.] 10c 135 
4.1 75 25 W«lfortPM.]| I 29 

_ 78 Jli; Woodslde A5QC..J 39 


OVERSEAS TRADERS 

31 139 [African Lakes- I 21 I I LI I 231 


202 143 M.I.M.Hkfes.50c. 

57 5 ' Mmcorn20c 

8 3 JWnef WM E*pf. 25c. 

19 14 Newmctal20c. — 

30 Bb NiCkHore N.l 

160 92 North B. Hid 50c 

-84 10 Nth. Kalgtrli 

123 67 Qakbrtdge50c 

90 30 Oilmln N. I 

93 34 Pacific Copper — 

150 68 Panconn 25c 

62 29 Paringa M6E«5p . 

352 211 Feko-Wailsend 50c 
31b B Pelsart Rn NL.... 
273 112 RemsonSOe 

— 20S IDS Do. Dfd 

223 to SB Se/irosiA 

— 27 9 Southern Pacific.. 

— 46 24 Swan RewurterZOc 

— 65 22 Vuftan Mins 20c.. 

— 11 2b Wesi Coast 25c ... 

— 50 6 Wesm. Cent 50c.. 

520 247 ISO Wtsia Mining 50c 

— 34 11 Whim Creek 20c.. 

- 30 10 York ftwa/rtes ... 


15 7 Amal Nigeria lp.. 

255 135 Ayer Hi tarn SMI . 

140 55 Ceevor 

12 10 Gold & Ban 12i£.. 

630 260 Gopeng Cons. — ■ 

525 330 Hongkong 

24 13 Jantar 12>» 

130 42 Kamoming SM050. 

426 366 KUIlngtiall SMI ... 
98 43 Malaysia Mng. 10c . 


113-2 — — — 

19 +li; Q3c 3-7 90 
IOb +1 — — — 

in + 2 ' tBc 7 Tr 

is ~ — — 

in *£& To ”* 

171, +2 — — — 

84 fffcivC 19 4.4 

42 ... — - - 

52 ... — ~ — 

75 .... — — — 

34 ... 4— - - 

268 +4 JQ15C — : 

118 :. ZQ5c 25 

110 -10 - — — 

41 — — 

10 . . — — — 

27 .... — - - 

28 . . - - - 

8 " - — — 

379 . :014c 16 t 

36-1 - - _ , 

U -1 1 


JvQ135t 0.7 


260 .... 17.0 I L2| 93 
-00 ... 210 OJ 73 

25 L5 2B143 

50 MBJljtj 01U13.1 

38fhd vKJuJc « I 30 

50 +3 rQ 17.1c] LW 82 


r 76 58 AsflTrafcgBlfcJ 59 )_.... 25 » 37 * « % ™wys«»ng.i«j % Hu? 

_ 161 123J : AoB.Aflric.SOd 125 f Q15e 14 6.8100 SSSrr B "itta“"l wn f Vn I _ 

W 150 13? BmMkAWJL 1SW +12 «S 2J7.1C7D ® SETSSSSSfi?* 1 “ LiL 1 7 


ic 1MI LJ + oe - 15 - Olt [ i . i W I , UUD +14 Tt.6 ZJ (.1 f - i ] ™ b -.- ii-.cmt 

50 18 7 9 -1 0.01 - - - 330 200 PWaMnaSMl-.-. 

f n 113 38 Bousiead 10p„ 38 L25 00 4.7 - ^ 

30 160 107 Oreshy House „ 107 B- 

104 HI. Onlay (James). 88 +1 4.S 2J 7.3 83 ™ 2! 

184 108 GinaDuffuS— 119 +2 8.4 2J 10 1 1L5 50 T ongta h K Tin ISffl 

7fc *£3Bb£20 Gt-Ntlm.£10._ £20 oQI« 25 6.0 6.7 255 130 Pnw»*Ml 

i? 7B2 475 HWns.Cms.£L 525 S3 LI 7.6 B3« 


ft *£2»j£20 GLNtta.£10._ £20 oBW 2i 6 

i ? 7B2 475 HWiK.Cros.£l 525 S3 LI 7. 

53 344 250 InctapeU— 27W 18.15 13 9. 

25 14 Jacks Wm 14 — — - 

c J 92 66 Lonrho 88at +1 9.0 U 14. 


200 M60c * t 

130 Seiifcj u t 

so 8 75 

50 iSs* 13 ± 

130 -10 tQ50c 23 9 2 


ti 55 33i 2 Mitchell Cotts... 39 +1 3.61 

?S 135 100 Nesca Invests... 215 7.0 

Sj 46 36 Ocean Whns-ZOp 42 ..295 

8? 168 123 Pafson.Zoch.10B 160 -2 433 

2o 167 120 Dp •A’N-VIOd 160 -2 433 

?? 75 39 Snw Darby MS05 44 +1, *0103 

li *245 192 Sieel Bros 242 .... 4 6 

5 J 82 53 Tnzer Kems.20p. 64 00 

36 


— _ 3.1 
L414L6I63) 
U 132 (93) 

- 87 _ 


Miscellaneous 


40 | 20 I And t>- Dominion .. 
I6J, / 12 (Burma Mines lOp 


si’ll 292 170 Ito.tKntftSicI 2» +M 4060c L9 “* 


76 ruHit 

5| Rubbers 

l? m I 

S.T High L» | Seek 
9i 92 ( 60 [Anglo- Indones'n 


PLANTATIONS 
Rubbers, Palm Oil 


9.6) 3.9 28 8 lb MErcplaura Gold.. 

2 5] 5 5 7 2 105 55 Highwood Res 

28) 5 7 7.6 255 160 Northgate CS1 — 

14 1 J Ml) 468 344 R.T3 

flWbW 0s«;'AU.U95aH 
20 11 Sabina Inds. C$1. 

♦4 27 f Southwest C. JOp 

500 [270 Tara E*ptn. Jl._ 


- - = 
170 +5 - - - 

440 +15 16.0 2.1 52 

£1011; +1 30.0 f? 5 

36 — - - 

300 — — — | 


NOTES 


t.6 75 42 Bertam 10p.,... 

53 440 350 CaslWieldlOp 
5.2 51 35 Cons. Plants MSO 5 

5.4 41, 2t> Grand Central 10o 

1.8 182 140 Hamsprelfly Est.lOp 
5.4 "2 42 Highlands MSOc.i 

?.4 54 34 Kuala Kepong MSI. 

5.2 280 235 Ldn. Sumatra lOp I 
?J 95 48 MaJakof f M51 

_ 67 33 Malay. Plants. MSI 

£ 2 ) 175 136 Rtghtw'sg lOp .... 

I 16 10 ffSasipangJira^jp 


245 Z35 Assam Dewars £1 . 
1300 200 Assam Frontier £1.. 
'395 385 Lawrle Plants £1. 

425 370 LunuvaCl 

378 2441, McLead Russel £1.. 
148 97 Do B4 kOkP. 199047 

293 235 Moranzl 

240 210 Williamson £1.™. 


1+ ail Dh I iru Unless otherwise inflated, prites and net dhndemh are in pence and 
rkx _ ) ibf 1 Cv I fir’s denomhwlpnsarr 25p. Estimated prKeleamifigtraiiK ant uwrrs are 
1 ’ 11 based an lateit annual reports and accmro and, where passible, an 

65 10 — 22 updated on half-yearly figures. P/Es are calculated on “nM“ 

58 3. 25 00 8.0 1 dhiHbutlw bash, eamlngs per share bring computed on profit atler 

42 .... 088 IS 3.0 taxation and unrelieved ACT where applicable: bracketed ngnres 

350 ys.70 l.g 2.9 Indicate 10 per cent or mure difference If calculated on “oil" 

39 +1 »JdJ41c 13 87 dhtrflwdon. Coven are based on “asutaam" tfcsiHbutlon: thh 

3 — compares moss dividend cost* to profit after taxation, excluding 

cn iig oi 74 esorptienaf profftsAmei bat MWlisgeufcniierf extern or effieitabie 

45 +2 - ' uoisc in 79 ACT. Yields aw based o* middle prices, are grass, adhmed to ACT pf 

jIjjI vsOIOc 2.0 6.6 30 prr c S m end atm*' foe value of declared distribution and rights. 

n .x " i?t2r ** to * Highs and Lows marked dws have been adjusted to allow fiw rights 
f l issues for cash. 


.36 v018c 


... *80 2.7 4.9 


A A Q n iwoani IHWMTJ vw un» Hijiiaa 

f , X (sues for cash, 
lira i n T Interim tlnce Increased or resumed. 

i,u i Interim since reduced, passed or deterred. 


104 Aflll 

4 5 Centra 

5 02 1525 Durban Deep R1 .. 

1 602 259 East ton) Prp.Bl 
■ £33’j £19 Randfont’n Esi. R2 

182 88 Sinner 4 Jark«JfB. 

135 52 West Rand R1 .... 


MINES 

Central Rand 


iw i 1 — I — I — tt Tax-free to non-mldenu on application. 

0 Fkjures or report awaited. 

1 USM; not lisud on Stock Exchange and company not subjected to 

15 sane degree of regoUlion U listed securities. 

^ Tt Dealt In under Rule 163(3). 

245 6.0 L9 3.5 w Price at time pf suspension. 

300 610.0 — 4.8 9 Indicated d trident after pending scrip ai>d/0r rights issue: cover 

390 20.0 LS 73 relates u previous dividend or forecast, 

370 33.0 0.9 12.7 ♦ Merger bid or renrganfaatKM hi progress. 

255*1 +3 7.5 . 42 * IW comparable. 

108 +2 84% ~ 1L1 f Same Interim: reduced Rial and/or reduced earnings Indicated. 

2 85 .... *50 — t f Forecast tfJridrnd: cover on earnings upOateO by latest Interim 
210 -3 12.5 L5 8.5 statement. 

t Cover allows for conversion of shares not now ranking far dividends 
or ranking only for restricted dividend. 

r e ft Cover dees not allow for snares which may alto rank lor dividend at 

C.O a future date. No P/E ratio usually provided. 

D__-i II Mo par raise. 

■\allu g Rate applicable n non-Zunbabwean resMems. 


Eastern Rand 


m Interim higher than previous total, a Rights Issue pendirig 
q Earnings based on preliminary figures, s Dividend and yield eidudta 
special payment, t Indicated dividend: cover relates lo orevlous 


II 132 | 52 |6reek«n 90c. | 132 [+10[*Q60c| 12| tL 


- XJC . a>OLreil 7W ... 

i 103 69 Cons. Modd - rein 5c. 

% 110 32 E*TOMgaRl..< 

5 396 204 ERGO RtL50 

J. 505 248 Grootidei 25c — 

*' 717 353 Kinross R1 

126 52 Leslie 65c 

144 63 Marlevale RQ.2S . 

272 92 S. African Ld 35c_ 

149 b3 Vlakfo«ein7Dc... 

W £14 >j 869 Wlnkeihaak RJ_ 

- 83 34 Wit. Nigel 25c 


Far West Rand 


103 + j Z." _ + Olvidvnd: cover based on prevkws year’s earnings, v Subject to local 

7flfl -10 tax. a Dividend cover in excess of 100 limes, J Dividend and yield 

.i? niTm- TaiTn based pn merger leeim. i OMdend and yWd Include a special payment; 

S* irirv u . Cover dots not apply to special payment. A Net *rldend and yield. 

H % B Preference dhddeod pined or delnred. C Canadian. E Minimum 

(H *7 r~ ; tender price. F Dividend and yield based on prospetbis or other 

L -Sm ?'« offiettf estimates for J 983-84. 8 Assvmil mvldend and yield after 

*3; . *" iS+J J, pending scrip and/or rights issue. H Dividend and yield based on 
272et +25 t040c L6 7.3 pmpectus or other official estlmaies for 1982. K Figures baud on 

149 +16 Q30c 4 10.0 prospectus or other official estimates lor 19H1-82. B Dividend and 

U4J, +1, «J410c -L2 i yield based nn prospectus or o her official estlmaies for 1983. 

83 +1/ — — — N Dividend and yield based on prgjpectus or other othtal estimates 

for 1982-83. P Figures based on prospectus or other official estimates 
for 1982. 0 Gross. T Figures assumed. 2 Dividend ratal 10 dale. 

Rand Abbreviations: d er dividend: = ex scrip issue: * ex rights; a ex 



573 +51 0190c » 16.5 ^ - M **** 

£37>2 *h 0540c 0 15.4 

Io& +6 — ■ — — — 

m +48 QtOOc « 11^ 

* i 7 REGIONAL 

126 +13 *0 26c LO t CTl 

£27 + 7, Q650c « 12.0 3 * ’ 

£16% » IS Q270c 0 82 The following Isa selection of regional and Irish stocks, the latter being 


REGIONAL AND IRISH 
STOCKS 


203 101 
£16-a £10U 
483 3141, 


D.F.S. 


265 150 Free Stare Ow. 50c 225 . 047l< 1 3 - 

£17ij 842 F.S.Geiluld 50c .. £15>j +’« JO6l0c 25 J 

66B 374 Harmony 50c 650 +5S 0210c 4 16 

201 73 Lora/neRl 201 +10 - - - 

flto £10^ Prw. Brand 50c., CttL, *’s 10595c IB ± 


& to m t *** ,ffch 0,r,e,,e, ■ f«« 

692 +46 ±031 Oc 2.0 1 «toanylrw.20p..-J 40 Ctmr. 9% -80«2_. £99ii +>s 

£33%*f +1V ±Q980c L7 * Bertram 17j» Nat. 9 V% 84/89... £74^ 

588 +37 090c 6 7.6 BdgVtr. Ea.Mto.. 445 Fin. 13% 97/02.. £8 4% 

189 +24 JQ40c 3.4 i Erelg ABosef 1 - 02'/ .... Allianc e Bas..- - « 

Clgv.Bt +11- M405c 22 t FUtiay Ptcg.5p. — 3«S Amott . 220 ...... 

OK lift 4/11? Gralg Shin. £1. £2E Carroll (Pj.) 75 +1 

475 +46 OUUC 6 11^ HtosSnsBrew 98 Concrete Pro* .... 60 

HoF(Jm) 25o...... 890 +10 Helton (HJdgi.) . 16 

S IOM.Stm.fi..... 82 -3 im Coma Ireland 415 

Pearce (C.H.J Oil* *t 3 Irish Ropes 33 ... . 

'225 IM71« 11 — PertHtas 151 Jacob — TO ..... 

aft, -I. *Sil8c 25 1 Shffi Refrshmi ... 90 ... T.MJ,..,. 6 +1 

6M +5S M10C * 161 Smo.ll (Win.) 238 .... unldare 50 

201 *10 f — ~ — 


iioi tlU't I'm. Brano aw., tie 1 . + •% jumc a.o * 

£16 ’j 944 Pres. Sleyn 50c.. OS's +1 «K15c 15 i 

£16H%5 3t. Helena R1 £3553 +i ” * 

636 317 UnisflJJ... 616 +B tQ95c 2.0 7.7 


550 255 WelVom 50c ...... 

£23> a £121; W HcH dings 50c... 


unldare ...| 50 


Finance 

30 I 21 [AfetCerpri lfiJm I 3) 


♦ 

0£ I tfi 

.11 I Li 

11 j 10-44 Z 

-| 72 |+2 j 25 j 3.6| 5 


UAntOtlFUf20p. 
Anvil P«20p- 

JlAranEwrffvDli- 

ilAllartrlc Res.. 
tBerii# l rv Etpln. 

Sr aim £1 

Bril Borneo 10p 
3-it Can Re. C5J0 
Brit. Petroleum 
Do 8% Pf. £1 
Brunswick 01131 
£ Buis Res lrfCL25 

Burmatiil 

Pa.3»*Ln.9L96 
fiCatedaiunDtf 0 
iSlsiCW^rPd Sk. 

vCandecu Res. 


82 -2 125 23 2 

83 — — - 

14 _ - - 

135-5 - ’ - - 

130ir +5 - - - 

45 .... 1.0 « 3. 

224 . . 12J IJ 8. 

150+5 - - - 

282 +12 2025 3.110. 
65 . ... 5.6% x 12. 
8ii-r, - - - 

143 +4 85 26 ? 

CTOh QBWlS&fU 

85 — 

190 ... - - - 

200 -1 - - - 


ju ci niecterpn icm-jp 

U6ij 975 Arn Am. Coal 50c 
675 380 Anglo Amer. 10c . 
£431, £251* Ang. Am. Goftf R1 
£23 £16 Ant^evaal 50e 
260 167 Charier Ccns. 2 d.. 
487 310 Cons. Gold Fields. 
ZL 27 East Rand Can. IGp 

975 585 GencordOc 

£381, D9ij Gold Fields S A 25c. 
£38i 4 £20 Jo’burg Ccns. R2. 
660 315 : Middle Wrt 25c „ 
405 SO Minorca SBDL40 

244 144 New Wit 50c 

£liH 2 616 PffllnoNVFK.5... 
140 43 Rind London 15c. 

350 160 Rato Mm. Preps. R3 

433 290 Senfnist 10c. 

81 45 SiKermiiws2bis.. 

127 92 Tax kt Cans Pre< «5 b. 


® 'Ate lit, OPTIONS 

nk if« ia i 3 ^ onth Ca " Raies 

Industrials House of Fraser.. 13 Urt. Drapery . .. I 7 I 

Allied- Lrons. 0 i-C.l — » -J>6) 

e SOCfntl.. 15 'Imps". 6 Wouhturtfis — J5 ( 

S-trBMI 47 » L^ke.~~ y Property 

gc niinJ sn ga BardaysBank... «2 LeoaJ&Gen 19 griuLand J 7«a| 

SehSME Mv!8 Beecham,- a Lex Sen, Ice-- 10 STcp vn,ies.Jlt? 


Industrials House: 

Allied- Lrons— ..I 0 (I.C.I.- 
BOCfnlf J 15 I 'imps" 


£14 +1 Q133C 

■♦ff QllOc UA ow Beecham 21 Lex Sendee — 10 Cep. Courties Iff 

£394 +3fjO^Sk Li 125 BlueClrdt.— . 48 UoydsBanli 42 Lard Secs- 28 

08 ...... Q315c + 8.7 8oou 39 “Loft"-... Ma UEPC 20 

203 +6 110 2.9 7.7 Bonrtten. 24 Londsa Brick—. 7 pevehey 14 

470 +30 245 22 7.4 Brh. flmsoace. 17 Lucas inds » Samuel Praps.— 11 

22 *2 11 25 75 » -«*/»-=■ “ rawnSC«J_ % 

860 +40 Q175c 2J 10L Brown (J.1 7 Uim.&Snw- g 

£36 +11* 05006 * U BtxtpnOrd. 15 MUianaBauk— » Dni 

W ® £ !! SzF- h £KSM5 
SS ;? fi f’ 98 tsszzz i ssik= i ar* — S M 

882 -3 — - - Eagle Star 31 RH.M. b*; P™" ler ‘ 

47 *2 — —m mm jrycr _ 4 Ran^ Orq. CW. •>< 20 22 

340 [+15 Q30c S3 4.41 ten! Accident __ 58 RccdlnUd » 5 


£26 05 (T'vaaf Cats Ld R1 .. £20i 3 tl 
650 [360 (U C. fm-MlRl J30«f . . 


^ +6 046c .5 9.8 a sj&it::: s 

*8 3 “ - ~ «PTrr * fc: Sf 

340 +15 Q3fk 53 4.4 toMenr— 58 RccdlnUd » THctntrpf.—, 

430 +9 094t 4 1L3 Sen. Eleark— 65 Sew* ... — 6 L llramer 

55 . ... QHHW - 7.5 Gian <2 T.l 13 

127 .. 4099b «■ 5.7| Grand Met 17 Tesco.—. SL’ Ml** 


63 C.I/.S. *AV 45 Thw» EMJ„__J« QarierCtm.. 

t Guardian 25 Trvsi Howe: -. J 11 Cons. Gald— - 


a rj ran sri-s ran a ssuc h 


Diamond and Platinum 

£36),(£21 [Angkt-Am ImJOe.l £27 |+ 7 ; |0700e| L0J129 
362 165 Du Beers Df. 5c... 252 +13 050c zil 9.9 


A setecthn ot Oot<OM traded is gn, m on the 
London Stock Exchange Report page 


§62" 165 D« Beers Df. Sc.." 252 +13 050c zji 99 “Recent intf “Rights" Page 20 

SS In liSrE."®?: SS m? 

178 96 Irrienbtirg 12i<„ 142 +8 <040c LO t l&tcfi*n9M thiwghBut the Unttetf Kingdom for a fee of £600 

228 120 Rm. Plat, 10c 174 +4 Q«5c zi|l2.9 per irtiwrt tor each seeurtty 







































































































































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FINANCIAL TIMES 


Saturday August 21 1982 


BELL'S 

SCOTCH WHiSKY 




U.S. moderates 



THE LEX COLUMN 


ar ANATOlf KALETSKY iN WASHINGTON 


DEMOCRATIC PARTY leaders could go beyond its immediate tected themselves from ^pre- 


yesterday proclaimed the forma- economic impact, 
’tion of a “unique coalition” of , 

moderate politicians from both . Biu wo ■ 


cause of 
conservative 


anxiety among 
rmiiJk-ians and 



ulls 


the main UA. political parties --- «' ora "' mem bers of the r;i“ ' m the House, declared in debate 

economic ^olicms, 00 ^ &e . For many of the conserva- 

lTI P Jnii b ;lf f° B n rS 5It47 votefor the Bill on Thurs- J™ Republtc^s Who have he reminding the House of 
Msibn day ® cl °“ r “ = ^ c “ on ,£ g", .ftWOMJto; savmg °£ 

(£57.15bn) during the next first IS months of his Presi- the Pr.sid.nt-. 


onorSc impact. election attacks on their party conservative po.Mmns .no 

onomic impa u one Qf .. tax antl (ax . ipen d business leaders. When Rcprc- 

The Bill won 20 more votes an(] spend.” V ;hich the Presi- sentaiUe Newt bingncn a 

om Democrats in the House dent had led until only a month conservative Republican leader 


in the House, declared in debate 
on Thursday that to raise taxes 


Some business organisations, 
including the U.S. Chamber of 


three years. ‘ S«P> «»M himself reljring ,he ^ inmeai the Some business orgsnisotions. 

_ D . L ^ B „ 1,11 embarrassingly liberal : - a gradual repudia- including the U.S. Chamber of 

BY RICHARD LAMBERT . RepresentaUve Richard BoU- Democratic supportera. such as {■** ^ % CO nomic and Commerce, believe the tax Bill 

mg. chairman oi the House of Senator Edward Kennedy. j 100 « - ioles because will prove to be the thin end 

HENRY KAUFMAN is unlike Representatives Rules Com- F he Democratic Party. 5 Jh^lftey teftere. he was of the wedge. Having given 
olher economists in at least nut tee and one of the Dem^ led by Mr “Tip" O’Neill, elertei' “We mustnow talk away the principle. Mr 

two respects. His work has era tic Party s most senior ^nd Speaker oft be House, the vote ®L™* Ronald Reagan Mark Reagan mi^ht find it tmpos- 

brought him substantial wealth, respected leaders, said that the J presidential lobbying fn ^ntrlst f o the man sible to insist that spending 

fs? «sSch Pre p c«ded it. «. oi. »«*.■«. $*_ 


Economists 


distinguish 


exercise nil its persuasive charm 


of which, they believe, be was of tr 
elected. "We must now talk i wa5 


principle. 


brought him substantial wealth, respected lexers, said that the ^the presidVnS’ lobbing LS sM^eS 3bte io insist that spending 

And peopVe not only listen to altiance which President Rcjjld Xh preceded it, was a big J&JLSSS for the pSIS cuts are the only acceptable 

him, but bet vast sums on his Reagan had assembled to pass tactica i ^tory ahead of con- XfLf*??”} Sn has wav to reduce budget deficits, 

views being right. «*»“•“ «■»**?_ «ti 2 S!ff SStoLTSSfaSTta* Novem- ,nn! For the same reason, opinion 


0„ hal f ; dozen occasions in SSv/'Tunntrtcm “waf * S! «Kci 

the past, his business forecasts ^jfrS/he* h% 0I seen since President inextricably to the ig month P Si m 

have had an electric impact on HJr' “ t t*> Ma^hait Plan tax increase which the Demo- dit - of Con « 

the New York Stock Exchange, Hlnrtwafw Tht qp^nrf 1 World crats have been demanding sa i d yesterday' 

and this week he outdid himself, shortly after the Second World for ^re than a year, and which said yesterday 

The news that he had reversed war - can .be -presented as an Tbe'Presiden 


gressionai eiecuons m nuvcm- <y 0verned the countrv on con- r 1 ,,c same i »««.•. 
ber. The party has tied the R^ a Sve principles for the past in Wall Street, has been split 

president inextricably to the -g mont j. s Mr John Lofton on T ^ e lssue > despite repeated 

tax increase which the Demo- editoTofConservat^e Digest calls for drasUc actlon t0 curb 

crate: have been demanding “““ ®5._^°" servalrve ° es ' soveroraent deficits. The Wall 


1Q S treet journal, for example. 

The 'Pres ideal's acceptance of has roundly denounced ihe tax 


his earlier pessimism about the The voting figures on the Bill admission of defeat of the the principle that tax increases Bill. Eut the markets respon- 
outlook for interest rates also suggested that its political president's supply-side tax cuts, can be used to narrow budget ded yesterday by marking up 
‘fuelled the sharpest rise in and afiychological importance The Democrats have also pro- deficits is the most specific shares and bonds. 

share prices and the heaviest — — — - — — 

trading activity in the history • t ^ # 

S-Hrws Harland and Wolff cost-saving Metro, Mini 
ssrt-SSaS plans could mean 1,280 job cuts 3!^^ halt 

Softly spoken and dressed in ^ AJLttJU. 

the sober, fashion appropriate by OUR BELFAST CORRESPONDENT By John Griffiths 

to a managing director of I _ . . BL is to suspend 

Salomon Brothers, the big | biiity from the labour force. The company has already This could be controversial. of the ^j etro an , 

investment house, he shuns the I HARLAND and Wolff, the Bel- started to introduce some The company has been 1 force weeks from 


between the short-term and f n/ lk Y -acp If) 9 to ^80 6 to pJace ihe-oth^TiaK . m 
long-term rates of interest, and lOSt; Iv«/ W bands. The terms 

so. It seems, does the Bank of ■■■■>■— — ■' — — of the conversion inq^ly a :Afe- 

England. In the money markets, . ' . — ' _,_ r . ■ count ' of only ' W per :®dt"on 

the Bank is almost ostentati- flQXj ■ ■ — jtox _ the fixed' assets, so 'the tee' of 

ously restrained, refusing to j III ihe shares may resthearay on 

adjust its dealing rates down- lrrMftrT\ - Tb* option of redemption-.- After 

wards— despite which the ^“irlLLi 1 K .. the vigorous speculation . over 

Treasury bill rate slipped into-: . j • ' whether fcmrioao stock 

f ingle figures yesterday for the r tt “TT t would be repaid' thtx summer, 

first time in years. Many lop - ■ ~ ~j|~ Tx A > potential investors maybe look- 

hats were thrown in the air. 8% - -H- | j - 1 - \ ax ing for so met hing rajker.^ecial 

In the long-dated gilt-edged ' -'rEVEKL = T - a in the way oF :• 

market, on the other hand, the • "YIFUI CftP' X “ J , . : ' 

Bank is conniving at the general . 7* riSSS-wT - L - 7% HailSOte iniSt^ ... - 

freazy of investors. The jobbers 1 „ • 

are crying out for a long tap lo . I j IT Xt Z 1 1 9S!i '*-■ S :?Sir w 

relieve an acute shortage of - + ?i""i 

stock, but all they got yesterday - 6< " X2 il"-! -6 " wST 3 

was a small helping of a new I jl- JJJ^ L 

index-linked isime— which is TATfnoJYK^jT^ T«ti 

about as provocative as giving Tsai _j9B2 An ^StiisSve 

lentil soup to a sa breathed " 


J AS 0 ID J FMAHJ J A 

■ laat 198a 


of the conversion Imply ^dis- 
count ofocly' ■SB - per :csb t on 
. the fixed' assets, so the tee of 
ihe shares may rest heavily on 
The option of redemption.- After 
the vigorous speculation . over 
whether JFBrs £7jh^hm stock 
would be repaid' tbUL summer, 
potential Investors may be look- 
ing for something rafter special 
in the way of cou|H^t 

: Hanson Trust ^ 

Quite a few. companies are 
pushing reviews ot their bor- 
rowing powers past Quir share- 
- holders along With - ati the 
adjustments to tttfclee of asso- 
ciation required -by the l®8l 
Companies Act. An acquisitive 
-animal like Hanson Trust is 


SEE; , Sd* , MSr g l3l supply, so far the Fed fe keep- S?«SS 7*£ 

Shed JS? dav i”S ah&d of the game, -and the headroom than most. Hanson is 

S maklnr y an ^ Treasury bond market is loving asking shareholders lo authorise 

SHTiJBSS, S£Sr “■ ofl,er P« ss * bili, y— .a its ta.rro.ina 


which gjlt-edged prices ^re say- limit from twice, to three times 


BY OUR BELFAST CORRESPONDENT 


This could be controversial. 

The company has been 





biiity from the labour force. The company has already This could be controversial. 
HARLAND and Wolff, the Bel- started to introduce some The company has been 
fast shipyard, yesterday told its measures recommended by PA advised that reducing produc- 
6.600 workers that it was con- Consultants and by A. & P. tion space would save £3m. It 
sidering proposals which could Appledore, the shipbuilding would involve 291 redundancies, 
mean up to 1.280 redundancies, consultants which proposed Eliminating tasks no longer 
The company gave the unions reducing the yard's production considered necessary would 
and the labour force details of area from 300 to 230 acres. sa v ® £3. 8m. with 496 job losses. 


cost-saving proposals put for- 
ward in a report by PA Con- 
sultants. 


area from 300 to 230 acres. save £3.8m. with 496 job losses. 

The company said the final Another £2.4m could be saved 
figure for redundancies could through changes in working 
not be worked out until direc- practices and organisation, with 


The recommendations would tors decided on the various 312 redundancies, 
cut £llm from the company's proposals. Unions would be cuts in training and appren- 
annu&l overhead costs of £40m. consulted on measures which tfee intake would save £645.000 
Mr Douglas Cooper, acting involved job losses- and cost 1S1 jobs. Energy con- 

managing director, told em- »pu_ R hinvsml ic urppntlv servation measures would con- 


- Mr Douglas Cooper, acting involved job losses- and cost 1S1 jobs. Energy con- 

managing director, told em- *j>he shipyard is urgently servation measures would con- 
ployees in a letter that imple- seeking new orders Its order tribute almost £lm to savings, 
menting the report and improv- book -7£ns W t early- ‘in 1984 Mr John Lloyd . Labour Editor. 
mg product! wty were the only cooper stressed that building odds: Shipbuilding union 

ways to reduce dependence on mor ^ ships at p( ^s ent levels leaders will meet the company 
government funds and remove of efficiency was not the management on August 30 to 
the threat of closure. answer because it would entail discuss the recommendations. 

The company has received even more fovernment support. The present consensus is for 
£112m in government support Mr Jimmy Blair, Belfast sec- reluctant acceptance of the need 

in the past three years. Mr retary of the Confederation of for cuts. A final position, how- 

Jaraes Prior, the Northern ire- Shipbuilding and Engineering ever, will depend on the yard 

land Secretary, has said aid Unions, said the shipyard was workers and the health of the 

cannot continue at these levels, already seeking greater flexi- Harland and Wolff order book. 

Henry Kaufman — I 

rHlisi Thyssen, Krupp in merger talks 

self as an oracle, and does not 1M 

believe that the fundamental BY JAM 65 BUCHAN IN BONN 

direction of the market can be xwo OF West Germany’s tial improvement in inter- present concept, offers no possi- 

mfluencea by antnamaual over largest steel concerns, Thyssen national competitiveness.” bilities for rationalisation in 

anything but the very short Krupp StabU are holding The proposal is likely to be this area. 
term - talks about combining their well received in Bonn, which f j n contrast, a merger between 

His enormous influence stems special steel operations to form has constantly insisted on Krupp special steels and 
from a long track record of a company which could become wide - ranging rationalisation Thyssen Edelstahlwerke, the 
accurate predictions about the Europe’s major specialist steels measures that will secure jobs Thyssen division fits relatively 
course of U.S. interest rates, producer. in the Ruhr in the long term. nea tiy because Krupp is strong 

Stockbrokers are generally ^ proposal, outlined by the > date the Bonn Economics - m co id flats and Thyssen i n pro- 
at heart, and the companies yesterday, would Ministry has made no secret gig steel. Both companies have 
world s financial markets have nggg approval from the Euro- °f its disappointment with the moved heavily into special 
given them lots of disappoint- Commission, the West Ruhrstahl concept. It has been steels since the mid-1970s. Last 

ments m the past decade. German office and other unimpressed by the partners’ year special steel made up 32 


Kaufman, by contrast, has been I au u, 0 rities. 


request for_ a grant towards per cent of Krupp ’s crude — 


expressing grave forebodings H ^ fiK succeed, a com- investment of some DM 4.8bn steel production and generated 
about tne direction of U.S. pany ^mig created with “d for a further guarantee of DM 3bn in sales at Thyssen. 
economic policy since the ^d- annua i gales as high as DM 5b n DM 2 bn. ~ The companies feel ration- 


19705. a period in which it has 
paid to be gloomy. 

In addition he is a natural 
communicator. He deals with 
weighty economic issues in 


(fl.lbn), a workforce of 24,000 Thyssen and Krupp say the 
and crude steel-based produo- special-steels venture is 

tion of about 2.5m tonnes a primarily a rationalisation 

year. move which will not require 

The talks are separate from government aid short-term. Nor 


•urn &un.. ^ The companies feel ration- 

Thyssen and Krupp say the alisation is an urgent necessity, 
special-steels venture is given moves taken by France, 
primarily a rationalisation Italy and Sweden to merge 
move which will not require special-steel operations. 


companies 


language that even Congress- and subordinate to those tinder do they foresee immediate they did not expect opposition 
men can understand, and he has way between Krupp and Boesch, large - scale redundancies from either Brussels or the 
a writing style that suits his the second-largest producer, on although some jobs will be lost West German authorities. The 


By John Griffiths 

BL is to suspend prod action 
of the Metro and Mini for 
three weeks from the middle 
of the month. Production 
workers are to be laid off 
for an extra wek either side 
of the Longb ridge plant’s 
annual one-week September 
holiday. 

Austin Rover, BL’s volume 
car division. yesterday 
blamed shrinking new car 
markets in both the UK and 
on the Continent for the 
action. 

While the Metro’s market 
share had grown, the fall in 
total new car sales — " par- 
ticularly among small and 
basic cars "■ — meant overall 
volumes were down. 

The extended lay-off will 
cat* Metro output by 12.075 
units that of Minis by 3,000. 

Some 7,500 of Longbridge’s 
14,800 employees will be 
affected. They will receive 
full basic pay In the first 
week bat this will fall 
slightly in the second under 
guaranteed earnings provi- 
sions. 

This year virtually all pro- 
duction employees have been 
earnings full bonuses of 
£22.50 a week. These will not 
be paid. 

The action follows similar 
moves by some of BL’s rivals. 
Volkswagen on Thursday 
announced a 10-day suspen- 
sion of output and short-time 
working during September. 

Austin Rover said the Metro j 
had taken 7.21 per cent of the 
UK car market os far this 
year, against 6.3 per cent last 
year. 

However, this was being 
offset by an expected cut of 

25.000 In the total volume of 
new small cars to be sold this 
year. 

On the Continent. Austin 
Rover still expected to sell 

100.000 cars this year, com- 
pared with 76,000 in 1981. 
Earlier hopes of reaching 

115.000 would not be fulfilled. 


Weather^ ^ 


Yields on 20-year gilt-edged ing does not exist— is that The .jharc capital and reserves. ' 


have fallen this year from 16 Conservative Party. may not win 

per cent lo 11 J per eent. Yet the nexi general election. 

tiie refusal to issue a co'nven- . # •• . 

lional tap stock yesterday pro- Special SteClS 

claims that the authorities' are investors in ' metal manufac- 

simply not prepared to borrow v. nnw K hrfl-shoeked 


Three times, or is it four 
times? -The' !’ pre-acquisition 
borrowings" ' 'of- ownpames 
taken over by Hanson should 


Investors in' metal manufac- not count towards the total for 
ture are by now so shell-shocked tfo e 12 months, subjec* to 


InnoJ.tarf AvaH mnna,. ..-.I „„„ LUJC<uc 1IJ OULU U1V HIM luuiiuis, >v 

11131 restructuring announce- *n overall multiplier of four 
rip %h r - wents Jeare unnM>veo times net worth. So Hanson's 

Sea? even when ^ ey come at a rat 5 total debt, now restricted lo 
P ' 80 °? ei1 ^ two a da 7- happened £343m on Ihe basis of the 
throu ? h “ e ownetary yesterday. The • most important March balance sheet, could rise 


heat haze, may be about to take 


rales M,re betiveen JohnsM and P^th 

stabilised a little. 


was the confirmation of the deal to £51 4m. no questions asked, 
between Johnson and Firth with a further £17 lm of borrow- 


Brown and the British Steel Logs in a new subsidiary. 
This week the strength of Corporation to merge and morpir . ■> 

bond markets on both sides of rationalise their special steel a suteidiarv is acquired is justi- 

the Atlantic has been so pro- . interests in a jointly owned v_ conventional remark® 
nemneed that equity prices have company, Sheffield Forge- a S U t reteSftodbi!™ and 

hpn riracrora^ tin in ctrrnnuihv notv aooul rerauuug neXIDIllI- , ““‘I 


uic AtMnuc na» ucea so pro- . mieresis in a jomny owneu conventional remark« 

nemneed that equity prices have company, Sheffield Forge- a S U t reteSftodbi!™ and 
ben dragged up in sympathy— masters. While the deal gets bvSJrtwmtiM Kial 

10 the tune of 36 points in the £20m of debt off JFB’s balance J aSS the Se 

case of the FT SOShare Index, sheet, it hardly represents a &S 

But the equity market's • ad- transformation of the company- s ?* financial controls finclua- 


vanee hag been veiy low-key prospects: and the “shares* shed 
rampared with tte Mvement Ip yesterday to 12p. J 1 *? taSSSl 


in bonds. Although dividend JFB’s net debt comes down 
growth— for the moment at to £37m, from 83 per cent to **H5L°*S?SS2?*5S-!3L22S5ZS' «r 
least— compares very well with 54 per cent of shareholders’ r- 

the underljing rate of infla- funds as of last March. Its S e ,? IOT * 15 that Hanson 1.1 
tion, the yield on ihe All-Share remaining businesses are not ,n trrms of a big new 

Index has fallen by a mere 0.13 currently producing enough In acquisition, as usual. Another 
points since the beginning of the way of trading profits to explanation is that it is running 
1SS2. It is quite possible that cover tiie interest charge. At its P resen! 

the gap between equity and t he same time the newly I « nllE - F ® r t h{ “ Purposes of the 

bond yields may narrow further formed associate is expected to articles of association, cash 

until economic recovery be- produce a trading loss in the holdings— unless they ore 

comes apparent. coming year, so capital gearing explicitly deposited as security 

In a roaring bull market Such »t JTFB will he rather higher -—cannot be offset against tiie 


cant reductions in the bornnv- 


comes apparent. 

In a roaring bull market &uch 
os bonds are enjoying, too much 


by next March. The company borrowings total. 


awareness of potential risks is clearly in no state to ride Like Thomas Tilling, which 1! 
translates into missed oppor- any further stroke of mis- resembles. Hanson finds it 
tunities. Bui there are at least fortune. expedient to run a large cash 

two possibilities that the mar- The new company will have book financed by debt Without 

ket might suddenly have to fixed assets in the books at the increase in borrowing 

come to terms with. One is that £S5m and net cash of £17m, powers, it would soon have to 

a banking crisis in New York after the placing of £20m con- apply some of its £I43m of cash 

might cause the Federal vertible redeemable shares. The to the repayment of £329m of 
Reserve to countenance a very £10m pledged by BSC is in the borrowings— which it presum- 


large increase in the U.5. money bag. but Lazards may have to ably wishes to avoid. 


subject-rcombining a sense of merging the bulk of their steel inevitably. 


cartel office said yesterday it 


UK TODAY 


moral outrage about the deterio- operations into a new company, «r* T, roDOsa L Kruno said was had been informed of the BRIGHT at first, rain later, 

ration in credit conditions with Ruhrstahl. These negotiations fo r tow Planned merger but had yet to England, Wales, most of 

snappy and extremely Quotable are expected to be completed by SLstSlrompS eaS to hold ascertain where it, rather than Scotland 

summaries of bis arguments. November. =« per o£ new Brussels, held responsibility. I Thi*** cfnvf aIati.c! f 


As a result of all this he has [ Thyssen and Krupp Stahl are special-steels concern. 


West Germany is already by 


achieved a special kind of the largest and tirird-largest visiobally named. Ruhrstahl far Europe's largest producer 

status: everyone must listen to West German steel concerns Edeestaldwerke. of special steels. Last year it 

what he says because everyone respectively. They said yester- There are three factors be- turned out 9m tonnes com- 

listens to what he says. The d ay t^gy h a a begun investiga- hind the move; pared with 5.1m tonnes from 


Scotland 

Dry start, cloud and out- 
breaks of rain spreading from 
the west Max 19C (64F). 
NJE. Scotland 

• Rain at first, showers later. 
Max. 13C (55F). 


impact is magnified many times tions towards a merger in the • Hoesch produces no special Italy, 3.7m tonnes from France N. Ireland 

by the natural herd instinct of hope of achieving “a substan- steels. Thus Ruhrstahl, in its and 2Jini tonnes from the UK. Cloudy with drixzle and rain. 


by the natural herd instinct of hope of achieving “a substan- steels. Thus Ruhrstahl, in its and 2.2m tonnes from the UK. 

Wall streets fund managers. ; 

who put their jobs at risk if 

they move in a different direc- Continued from Page 1 Continued from Page 1 

tion to the rest of the crowd. 

became so potent as .o™| Debt moratorium I Prisoners 


question about the ethics of ex- ... . _ _ _ . , , , . , 

Slot ting them. Traders on the will be confirmed by telex early from under them. 

Chicago Board of Trade claim ne ? ... . .. 


■Hereog blamed Palestinian issue. 


Continued from Page 1 — — 

Prisoners 

day the need to settle , the Ajaccio 


Max. 17C {63F). 

Outlook: Changeable 

WORLDtVDDE 


Observers in Jerusalem now amibrs 


that Salomon dealers built up a A banker at the mwting said Mexico’s crisis, tiie worn in observers in Jerusdem now Athens 

big position in Treasury bond Mexican officials asked banks to knag memory, on the fill in €xpect Washington to put 

furores immediately before provide a se^e of norm aJcy and the pnee of oil last year and on intense pressure on Israel to St 

ifa.Tifman's statement this week_ ti) achieve tha least Qisruption a consequent decline in rnake mneeiurinne nn the ones- Beiiast 


Kaufman's statement this week, ti) achieve the least disruption a consequent decline in concessions on the ques- { Belfast 

knowing that it was certain to tiie international financial Men can oil exports as a result ^ on 0 £ igraeu settlements in | £ e, ? rd 

move tiie market higher. If so.' system posible. of the oal world glut the West Bank. The U.S. is I ^ lz 

did they have an unfair advan- A UA banker said Mexico He said this problem was com- press too for con- 1 Bmghm 

tase? had maii * a special plea to ponded by a decline m the prices cessions on autonomv for the Biackei 

The fact is that Dr Kaufman for * , . sn .. banto f .° withdraw of essenti^ export conmtodities Pfl i wr]n i ans in th e territories 

who took a £ financed credy hncs to Mexican banks, gich as coffee stiver and roppe^ admill istered by Israel, which 
New York University’s graduate 0r i® official reportedly He saod very hi J niterest rates iticlude the Gaza Strip. Bru S!e n 

business school and whose ex- *»d: Pont pull the nig out were another factor, Anatole Kaletsky adds from 

perience includes a spell at the Washington: President Reagan canj.it 

New York Fed, is not public formally announced last night Cas o'ei 

property. As a member of Continued from Page 1 his decision to send U.S. troops Sg* J 

Salomon’s executive committee, . ° to l^ebanon. to assist the PLO’s coioona 


the West Bank. The U.S. U j Kin,* 


Anatole Kaletsky adds from r " 27 

Washington: President Reagan canj.it c 16 bv-j^y, 
formally announced last night Cas u'ca f 25 77 m iC , 


Y’dav t’day 

middaw midday 

• C >F "C ®F 

S Z7 81 London F 17 63 

S 39 1Q2; L *n*t F 19 66 
F 16 61 Luxmbg C 14 57 

S 30 86 Luxor 5 38 ICO 

iMjdnd F 33 91 

C 27 1S1 (Majorca C 20 86 ■ 

Malaga C 27 81 

C 15 Sa.P.'taira S 32 90 

S 29 Srf 'M’cfistr CMS? 

F 21 70'Melbna 

C 19 tt'Mi C 

C 16 ei.Miamit F 27 3. 

C U 57 w;ijb F S7 31 

■Montrlf C 1^ c6 

F 16 61 Moscow R SI • 70 

- fl'-Vinrh C U 57 

- ^ S 3 rj p' f o-i 

r Z7 Bi.fiiapipc F 28 K 

Nwcstl R 12 54 

C 16 B1.fi VorLt S 22 72 


he would have received quite a 
few million dollars when the 
firm was acquired last year by 
Pbibro. and his rputation was 


Gats market 

In the Wall Street credit mar* 


his decision to send U.S. troops ggJ t T 
to Lebanon, to assist the PLO’s cologne 
evacuation. cpnhgn 

But he warned that violations Corfu 
of the Beirut ceasefire “ by any 
party " would imperil the Habib Dbmr* 


Pbibro, and his rputation was In the Wall Street credit mar* traders on a buying spree. In party " would imperil the Habib Dbmnk 

an important part of the good- kets bond prices also rose in early trading the price of gold peace plan. He told reporters Wrb#h 

will for which tiie bidder was response to the lower short- bullion for delivery this month jn Washington that any attacks L 8T0 


__ _ Nicosia 
•A 75ifipsr:o 

17 63 osfo 

17 B3ip t , r j s 
32 ©Q! Perth 

18 64; p-anue 
16 BliRvhjvIr 
2S 79; Rhodes 
14 57 1 R.d J’o 
31 88,R OT .n. 



paying. 

To some extent that reputa- 


term interest ra 1 
bond prices were 


* ” — ■ — ■ — — Ill f I 1 I n t ■■J U(,UIVA1M pi -M M . — 

rates. Overall was marked up. by $10.90 an on the U& troops, from what- Sf" J 

ire up by about ounce at $386.00. ever quarter, would lead to their rnnchai f 24 .re^.r-Tanr 


fioa is now on the line. Bar- f of a point by lunchtime hav* # In the foreign exchange mar- immediate withdrawaL 
ron’s published an article two in ® sl , i K >ed sh&tiT. fnm ket s the U.S. dollar opened in However, Mr George Shultz, 

weeks ago under tie headline even lar S er earlier in the Europe at dose to the previous the U.S. Secretary of State, ex- gw, 

4 Has Henrv Kaufman peaked?” night's markedly lower New pained later that the President Hoi3»«n 

rtw» «nr-sestion was that he had Government bonds., and York levels. For the rest of the was “not referring to some EJXy 


4 Has Henrv Kaufman peaked?” night's markedly lower New pained later that the President H«i3f«vi 

The suggestion was that he had Government bonds., and York levels. For the rest of the was "not referring to some J] ' 

oeen too gioomv about ibe Treasury bills also benefited day the currency traded ner- stray shot" but to “the basic i nvrna5 ' 

wnd market for too long, and from “a shift to better quality voasly around these levels conditions” of ceasefire which Id 

rfoat he mteht soon have to re- issues” triggered by unfounded The pound rose 1.75 U.S. cents had been agreed by all parties, ■iswnhui 

'ant Those investors ' who rumours on Thursday that to dose in London at 40.7410, “ We will stay there as long 

^’ed into the market on Tues- Mexico bad defaulted on lonas marginally down on the previ- as the process (of PLO with- L P | m 8 , 

lav will not be the only ones from U.S. banks. ous night’s New York close. The drawal) is going forward and Lisbon 

^ . ■ rrv. aC mM Cm Vmv TT C AnwMtlrtVr ?Ae4* fMV+UAV m. Imjt nn knnln AnnflitiAlIC LuCflma 


lay will not be the only ones from U.S. banks. ous night’s New York close. The drawal) is going forward and usbon 

seeping an anxious eye on in- The price of gold in New U.S. currency lost further as long as the basic conditions u>«rno 

■erest rates during the coming York also continued this week’s ground against the German cur- remain In effect,” he said yes* 

uoatfts. rally as speculators joined rency closing at DM 2.4530 terday i 


R 15 59 0 
F 25 77-s-.ck1i.-n C 17 W 

C 13 S5‘ Scrubs. R 17 53 

S IS 01 'SyHnry • 

F 17 Bl'Timn.er F 5fi ^ 

;Tol Avi S 7R K? 

C 17 S3 Tenerife S 37 31 

R 13 55^Tn. vo 
C 15 59 T-r'n-qf F 19 P! 

S 2B R 71 JW 

F 17 63 Valonc-j C JO FS 

.Venice F 37 SI 

S 2A 75 Vienne r 27 8 1 

S 24 1S|Wirjaw C 34 .75 

R 20 eslzur.ch- R . *2 54 


__ 2 j. Eerke!eyS.nu:e. London VJ 1 A 4 AX 

The world's laigest distributor 
of earthmoving equipment 


Spain, Tanzania. Zaiie. Zambia. Zimbabwe. 


C— Cloudy • F— -Fair. R— Rain. 

S-“Sun.i /. 

t Moon GM T lowpeninres. 


•' R'irroHucion .:f *.hc conipnt- of this ntwso*!Wr n manner i* nc: permit- i v*-,-u> -■ — ~i .11' 
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